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USD/JPY extends rebound in Asian trading as BOJ refrains

The noted rebound in the USD/JPY yesterday afternoon extended above 155.50. The dollar later closed in the US at 155.39. It has extended that rebound today, rising close to 156 from an earlier low at 155.25 this morning. The move higher in the dollar was initially driven by a corresponding recovery in US yields and that has underpinned the move earlier today. The USD/JPY rose to a high at 155.93 and that was further helped by news; that the BOJ maintained the level of JGB buying and did not reduce those purchases further. The dollar is a little higher versus Europe this morning too, but not materially so at this stage. The USD/JPY has backed off slightly from that high just now, currently trading at 155.80

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