USD/JPY basically did a lap today, rising soon after the Japanese data was published but soon dropping back again to be little net changed for the session

Japanese CPI for May was mixed. Headline inflation was lower than estimates while core’ (Japanese core inflation excludes fresh food) had its second month in a row above 2%. ‘Core-core’ (excluding fresh food and energy and which is closest to the US measure of core CPI) came in at a relatively (for Japan) strong 0.8%. Only a week ago the Bank of Japan reaffirmed, again, its commitment to its current loose policy. The Bank is being pressure on its YCC though. While it has the yield on 10-yr JGBs held to the desired ceiling yields are popping up on those maturities not being targeted by the Bank. There are plenty in the market looking for the BOJ to be forced into relenting on YCC. The next meeting is not until July 20-21 though and I can’t see any change outside a scheduled meeting from the BOJ. Stay tuned though!

Data flow otherwise was very light; the UK consumer sentiment survey a record low. Cable is net up a few tics on the session though.

News flow was pretty much the same.

Non-yen FX major FX was subdued.

The People's Bank of China injected funds via OMOs today (see USD/CNY post above))

USD/JPY 10 minute candles:

usdyen 10 min candles  24 June 2022