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USD/JPY slides below 150 on the last day of the month as Japanese inflation rises
Well, it looks like someone decided they needed to chuck out a chunk of dollars before the end of the month. Potential dollar outflow was highlighted earlier in the week and it looks like it materialised even more today. In addition the US treasury markets are open now today and have fallen again. The 10 year note has now dropped closed to 4.20%. However, over and above those reasons, the main driver for the fall in the USD/JPY to as low as 149.76 today, was the surge in Tokyo regional inflation late yesterday evening. That was expected to rise on an annualised basis to 2.2% from 1.8% previously. It actually rose to 2.6% in November. This really surprised the markets and sent the USD/JPY cascading lower. Yesterday, the dollar had stalled just ahead of the 152 again, as noted here at the time. So, all these factors today have endorsed the technically negative outlook. The USD/JPY is currently trading at 150.02
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