USD/JPY Punches Above 140, Tokyo Issues Warning

By MarketPulse (Kenny Fisher)CurrenciesMay 30, 2023 07:56AM ET

www.investing.com/analysis/usdjpy-punches-above-140-tokyo-issues-warning-200638535

USD/JPY Punches Above 140, Tokyo Issues Warning

By MarketPulse (Kenny Fisher) | May 30, 2023 07:56AM ET

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Japanese yen falls below 140
Japan’s Ministry of Finance issues warning
US debt ceiling heads to Congress

USD/JPY is showing little movement on Tuesday. In the European session, USD/JPY is trading at 140.17, down 0.19%.

The Japanese yen continues to underperform and has plunged 2.8% in May. The yen fell as low as 140.93 on Monday, its lowest level since November 21st. The sharp depreciation is raising concerns in Tokyo and Masota Kanda, a top official at the Ministry of Finance (MOF) weighed in on Tuesday. Kanda said officials were not focussing on particular exchange rate levels but said they were monitoring the forex market and “would respond appropriately”. Kanda’s veiled warning should not be ignored, as he blindsided the markets back in December when the MoF intervened in the currency markets in order to prop up the yen.

Japanese releases have been solid, reinforcing speculation that inflation isn’t going anywhere and the Bank of Japan may have to tighten policy. Service and manufacturing PMIs showed slight expansion last week and retail sales and industrial production will be released on Wednesday. Retail sales are expected to remain strong at 7.0% y/y in April, following a prior reading of 7.1%. Industrial production is projected to improve to 1.5% m/m in April, up from 1.1% in March.

President Biden and Republican Speaker McCarthy have reached an agreement in principle on the debt ceiling, after weeks of brinkmanship between Republicans and Democrats. The deal must be approved in both houses of Congress, which is expected to happen despite grumblings from some Republicans. The weeks of uncertainty prior to the deal weighed on risk appetite and the big winners have been US Treasury yields and the US dollar.

USD/JPY Daily Chart

USD/JPY Technical

USD/JPY has support at 139.61 and 138.50
There is resistance at 140.88 and 141.73

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Central Banks

Interest Rates

Next Meeting

FED

5.50%

Sep 20, 2023

ECB

4.50%

Oct 26, 2023

BOE

5.25%

Sep 21, 2023

SNB

1.75%

Dec 14, 2023

RBA

4.10%

Oct 03, 2023

BOC

5.00%

Oct 25, 2023

RBNZ

5.50%

Oct 04, 2023

BOJ

-0.10%

Oct 31, 2023

CBR

13.00%

Oct 27, 2023

RBI

6.50%

Oct 06, 2023

PBOC

3.45%

BCB

12.75%

Sep 20, 2023

US 30	33,976.0	-94.4	-0.28%
US 500	4,320.9	-9.1	-0.21%
Dow Jones	33,963.84	-106.58	-0.31%
S&P 500	4,320.06	-9.94	-0.23%
Nasdaq	13,211.81	-12.18	-0.09%
S&P 500 VIX	17.20	0.00	0.00%
Dollar Index	105.282	+0.238	+0.23%

Crude Oil WTI	90.33	+0.70	+0.78%
Brent Oil	91.96	+0.53	+0.57%
Natural Gas	2.888	+0.048	+1.69%
Gold	1,944.90	+5.30	+0.27%
Silver	23.820	+0.133	+0.56%
Copper	3.6940	-0.0020	-0.05%
US Soybeans	1,295.25	+1.25	+0.10%

U.S. 10Y	4.438	-0.002	-0.05%
U.S. 30Y	4.529	0.006	0.14%
U.S. 5Y	4.566	-0.005	-0.12%
U.S. 3M	5.482	-0.000	-0.01%
US 10Y T-Note	108.69	+0.27	+0.25%
Euro Bund	129.62	+0.02	+0.02%
10-2 Yield Spread	-67.82	-2.65	4.07%

Apple	174.79	+0.86	+0.49%
Alphabet A	130.25	-0.19	-0.15%
Tesla	244.88	-10.82	-4.23%
Amazon.com	129.12	-0.21	-0.16%
Netflix	379.81	-4.34	-1.13%
Meta Platforms	299.08	+3.35	+1.13%
Bank of America	27.64	-0.41	-1.46%

USD/JPY Punches Above 140, Tokyo Issues Warning

USD/JPY Technical

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