The yen continued dropping steeply. USD/JPY rose above 132.00 in early trade and then to above 132.75 with Kurod
The
yen continued dropping steeply. USD/JPY rose above 132.00 in early
trade and then to above 132.75 with Kuroda testifying in parliament
without expressing much concern at all on the weak yen. Bank of Japan
Governor Kuroda addressed issues on the economy and policy for around
an hour before finally moving on to the yen. He repeated he assesses
the weak yen as a net positive for the Japanese economy,
he seemed to pay mere lip service to not wanting yen weakness to be
too rapid. As I post USD/JPY has stabilised circa 132.60/70 or so.
The
USD was strong across the major FX board. AUD, NZD, CAD, EUR, GBP and
C
HF
all dropped during the session. Not nearly to the same extent as the
yen though.
The
Reserve Bank of Australia policy decision is due at 0430 GMT. The
Bank is expected to hike its cash rate again, following the hike last
month. A 25bp rate rise is the consensus although not by much, up by
40bp is running a close second in expectations.
As
referred to in the headline, crypto was hit hard. BTC back under,
well under, US$30K.
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