USD/JPY bulls prod 136.00 amid firmer yields, US debt ceiling fears and dovish bias of BoJ’s Ueda – by anilpanchal7 USDJPY YieldCurve RiskAppetite BOJ Fed
Yields grind higher amid US debt ceiling and banking woes, as well as hawkish Fed talks.
Recently, Japan’s Producer Price Index for April dropped to 0.2% MoM and 5.8% YoY versus 0.3% and 6.0% expected respectively. The softer inflation data backs BoJ Governor Ueda’s comments defending the Japanese central bank’s easy money policy. “The central bank will maintain ultra-low interestuntil the recent cost-push inflation shifts into sustained price growth driven by robust domestic demand, and accompanied by higher wages,” said BoJ’s Ueda in his latest comments per Reuters.
Above all, concerns that the US may default in early June if the debt ceiling isn’t altered soon seem to weigh on theand underpin the US Dollar’s run-up, fueling the USD/JPY in turn. On the same line were fears emanating from the US banks as some of the mid-tier ones posted heavy drawdowns in share prices and deposits in the last week.
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