Searchin’ for yield in all the wrong places…That’s what a big Japanese pension plan was doing overnight. They were said to have been very large buyers of EUR/JPY and GBP/JPY, in search of yields higher than those on offer in the land of the rising sun.
EUR/JPY reached 118.55 overnight before sliding at the New York open. We now trade at 117.60.
GBP/JPY is holding up a bit better, now at 132.80, down from 133.85.
EUR/USD has stabilized, now at 1.2845 after sharp pullback to 1.2820 as New York got underway.
