USD/JPY slips below the November low on speculation the Fed won't hike
USD/JPY falls below 112.30
Additional selling is being driven by the continued drop in US Treasury yields. US 2s are down 9 bps to 2.71%.
The talk now is about this month's Fed meeting. It was long thought to be a done deal but the market is starting to have second thoughts. The implied odds of a hike on Dec 19 are down to 64% from 80% on Monday.