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JPY Daily News
JPY in Decline as US Bond Yields Rise
The Japanese yen slumped against its major counterparts in early Asian deals on Monday as US bond yields rose ahead of today's auction of $35 billion in two-year debt. Investor concern that the recent S&P downgrade of US debt outlook will push up borrowing costs likely played into this sell-off in JPY, but this week's monetary policy meeting by the Bank of Japan (BOJ) also influenced much of the recent movements.
Growing concerns regarding Japan have driven the JPY lower recently amid deteriorating fundamentals out of the island economy. However, yesterday's all industries index experienced a 0.7% rise, beating out forecasts and helping add to the recent atmosphere of market optimism. For today traders will want to look to the USD for market direction but the JPY's current momentum shift appears to be dominant. This means going short on the yen may continue to remain appealing in the short-term.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 04/26 | ||||||||
| 00:50 | JPY |  Retail Sales | y/y | 0.1% | -5.8% | - |  | |
