USD/JPY is currently at 93.27, off session lows at 93.14, a -1.05% lower from previous Asia-Pacific open yesterday, but still a +0.69% higher for the week so far, and unchanged from early NY past Tuesday. Nikkei index closed yesterday higher by +1.94% around the 11370 points, while SP500 closed in NY up +0.18% and gold +0.01%. Nikkei futures point for a slighlty lower open.
EUR/JPY is last at 125.60, up for the week so far +1.37% while down -0.68% from previous Asia-Pacific open yesterday, whith volatility measured as daily average range around 2 year highs above the 200 pips per day on 14 day avergae. “The volatility is arising from confusion regarding what the official meetings this weekend may say regarding Japanese efforts to weaken the Yen,” says FXWW founder Sean Lee, adding: “I would not be surprised if Japanese officials talk the Yen up a bit over the next few days but with overall JPY flows still overwhelmingly negative, this is only likely to lead to more volatility,” he concludes.