The benchmark 10 year US treasury yield is off at 2.2760 from the 2.3066 I jotted down first thing. Against this backdrop USD/JPY has given ground, presently at 83.10 from the 83.40 when I parked my bum.
As my colleagues have also underlined in recent days, we’ve the little matter of the approaching fiscal year end in Japan and the likelihood of increased Japanese exporter sales.
I have to say though I’m personally not expecting a collapse in USD/JPY after it’s strong recent rally, but a period of consolidation could well be on the cards.
