The yen fell across the board shortly after the start of trading this week on a report that Bank of Japan Deputy governor Masayoshi Amamiya has been approached to take the reigns from Kuroda. The two are similar-minded so the chance of a hawkish shift is erased.
The move lower in the yen has extended in US trading but there's no fresh news from the BOJ. Instead, it's rising global yields sparking a move lower in the yen and higher in USD/JPY. That pair is now up 141 pips to 132.59.
It's looking more like a base and reversal in USD/JPY but the pair will need to get through 132.87 to add confidence.
