Analysts at Scotiabank explained that the JPY consolidating around the midpoint of its range from late October.
"Near-term domestic risk is elevated as we look to the release of Q3 GDP data (6:50pm ET), with added headline risk from BoJ Gov. Kuroda’s speaking engagement with his G4 peers. Kuroda’s latest comments have reaffirmed a bias to exceptional policy accommodation."
"The 2Y U.S.-Japan spread has extended its rally to a fresh post-crisis high above 185bpts at levels last seen in 2008. We are neutral-bearish JPY. "
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