USD/JPY, Cross/JPY firmer in early Asia Friday session, ahead of good weekend Japanese go-to-bi Nakane Fixing - today is Friday, July 20th. USD/JPY up at 78.75-77, up from NY close of 78.59 and the 6-week lows of 78.42 seen, lowest level since Jun 5 78.09. Bids at 78.40-50, from Japanese banks, importers, Kampo - talks of semi-official bids. USD/JPY, AUD/JPY, NZD/JPY also supported by talks of toushin related demand as Japanese investors search for higher yields. Not surprised to hear fresh waves of verbal intervention from MoF Jun Azumi after the regular Friday Cabinet meeting.
Offers in USD/JPY at 78.90-00, from Japanese exporters, corporates and also Asian accounts, Swiss, Europeans and option players. EUR/JPY up at 96.64-66, bids at 96.00-20, with interet to sell on rallies, as EUR/Crosses under broad based selling interest. EUR/JPY offers at 96.80-97.00. Interest to sell on rallies. WL