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Higher US yields drive the USD/JPY closer to 155 today
Despite the copious warnings from the Japanese Government, MOF and BOJ, the USD/JPY has lifted very close to its recent 34 high year today. That is at 154.79 and was set last week. The USD/JPY closed in the US on Friday at 154.64. The high seen so far just now is at 154.76. The main driver behind this push higher this morning is all about US yields and that 2 year note rising above 5%. This is a major supportive factor for the dollar carry trade versus the Yen. So, much has been touted over recent days; about 155 being the line in the sand for the BOJ. Perhaps, if this dollar move extends to test that level, we might soon see, if that is the level at which the BOJ might step in- we shall see. The USD/JPY is currently trading at 154.72
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