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USD/JPY still pressing towards 149

Despite yet more rhetoric today from Japanese officials, the rise in the USD/JPY remains undaunted so far today. Yesterday the USD/JPY rose to set another 2023 high at 148.95 and later closed in the US at 148.88. The dollar has just this minute surpassed that high and traded to 148.97. That is also despite some evidence of rising prices in Japan via the latest PPI data on services. The push higher in the USD/JPY comes as further evidence of dollar demand comes ahead of the quarterly close on Friday. There is also no evidence of any Japanese repatriation demand either. The move higher in the dollar is also being propelled by further rises in US yields, most notably in the 10 Year note. The USD/JPY is just now at 148.96

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