ForexLive Asia-Pacific FX news wrap: Yen swings to continue ahead of BOJ next week |

On Mar 15, 2024

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The
yen swung around during the session, initially strengthening and then
losing ground to be weaker than the Tokyo open.

USD/JPY
drifted lower in opening trade once Tokyo was active, down to lows
circa 146.63. There was little to drive it, although PPI data came in
a touch higher than was expected both m/m and y/y. Japan’s PPI is
also known as the corporate goods price index (CGPI), and, in brief,
it measures the price companies charge each other for their goods and
services. Its not consumer level inflation, but changes in its level
can be passed on to consumers, in time (its not a one-to-one, nor a simple
relationship).

We
then had remarks cross news services from Japan’s finance minister
Suzuki indicating he thought it was too early to say deflation was
beaten, and also not at a stage where Japan can avoid the risk of
falling back into deflation. These remarks lifted USD/JPY a little,
it traded back towards 147.00 and sat above 146.90.

Bank
of Japan Governor Ueda was next, answering questions in parliament.
As
usual, Ueda gave little away, emphasising again the Bank needs to see
wage talk results as part of its decision-making process at the
upcoming March 18 and 19 policy meeting. USD/JPY found more strength,
gaining quickly back up to highs just above 147.40. Its not far from
these highs as I update.

Elsewhere
across major FX there is not a lot to report. Ranges are small with
traders content to await the US inflation data (CPI for February) due
later today.

There
is more on the Japanese PPI, Suzuki, Ueda and the US CPI data ahead
in the points above.

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