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USD/JPY remains elevated in Asian trading

The USD/JPY reached a new 34 year high yesterday, after the European close, at 154.79. That came after an earlier drop back towards 154 ahead of the 4pm London fix. The USD/JPY later closed in the US at 154.72-its highest daily close since 1990. The fall in the Nikkei 225 today has not had much of a negative impact, as of course the US Treasury yields continue to support the dollar still. However, the market is wary of the Bank of Japan and a risk of intervention, but it seems more likely that the BOJ will want to try and catch the market long, before they might consider a bout of dollar selling, if indeed they do at all. The potential dynamics on that will be explained in more detail later today. Meantime, the dollar remains elevated. The range seen so far today has been covered by 154.60 to 154.73. It is just now trading at 154.64

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