Ranges for major FX were relatively subdued in Asia trade. USD/JPY has ticked quietly higher towards 156.50. We had some mild jawboning in support of the yen from Japan’s finance minister Suzuki. Perhaps USD/JPY would have been higher without him but who knows? He didn’t seem to have much impact, but like I said the comments were only mild.

The USD gained some ground elsewhere across the majors board. There was an element of ‘risk off’ with stocks in mainland China and Hong Kong taking a hit.

News flow was barely noticeable, and data flow was light and lower tier.

We did get Minutes of the May Reserve Bank of Australia meeting, the Bank sounding a hawkish note.


USD/JPY grinding higher vs. racing higher means a lower risk of an obstreperous Japanese Ministry of Finance / Bank of Japan:

usdyen wrap chart 21 May 2024 2