JPY is a relative performer on the day – Scotiabank
|Japanese Yen (JPY) is soft, down marginally against the US Dollar (USD) but outperforming most of the G10 currencies, Scotiabank's Chief FX Strategist Shaun Osborne notes.
BoJ maintains focus on reducing JGB purchases and raising rates
"Fundamentals are supportive as market participants respond to BoJ Gov. Ueda’s latest speech in which he spoke of an intention to continue with a reduction in the pace of bond purchases and also maintained a bias to future rate hikes."
"The speech is important, heading into the June 17 policy decision as market participants had turned cautious following the recent turbulence in Japan’s government bond market. The JGB market has since stabilized, and Japan’s latest 10 year bond auction saw its highest demand in 14 months."
"Recent turbulence had followed a poor auction of 20 year bonds, and markets participants are now looking to the June 5 auction of 30 year debt."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.