USD/JPY lifts to set a new 2023 high at 151.80

The Yen has weakened further today. The USD/JPY has lifted above the previous 2023 high (151.72), reaching 151.80 so far. That means it is once again within striking distance of the 2022 high, at 151.95. The move higher has been delivered in part by another drive higher in the EUR/JPY. That has lifted above 162 for the first time in over 15 years. The US rating outlook was cut by Moodys on Friday evening, to negative from stable does not yet appear to have had any kind of negative impact on the USD/JPY. In fact, right now it is the opposite if anything. US bond yields are pretty much unchanged so far today and that is underpinning the USD/JPY. The range seen so far today has been covered by that noted high and an earlier low at 151.37. The USD/JPY is just now trading at 151.79