ForexLive Asia-Pacific FX news wrap: Japan inflation hits a 40 year high

• USD/JPY back under 140 - higher CPI a talking point
• PBoC adviser says the Chinese 2023 Economic growth target should be no lower than 5%
• BOJ Kuroda on the yen: Recent sharp, one-sided yen declines are absolutely undesirable
• North Korea launched a ICBM - expected to land inside Japan's zone
• Japan media says 40 year high for inflation puts the BOJ in an even more awkward position
• PBOC sets USD/ CNY reference rate for today at 7.1091 (vs. estimate at 7.0905)
• Fed Chair Powell doesn't comment on monetary policy in remarks at Chicago Fed Conference
• BOJ Gov Kuroda concedes CPI may rise more in coming months, but likely then to slow
• ICYMI - Goldman Sachs see RBA cash rate hikes of +25bp in Dec, Feb, March, April & May
• More from BOJ Gov Kuroda: Japan has yet to see inflation hit 2% in stable sustained manner
• PBoC is expected to set USD/CNY central rate at 7.0905 - the Reuters estimate
• Bank of Japan Governor Kuroda says again Japan's core CPI likely to slow from next year
• UK data - GfK Consumer Confidence for November -44, up from October's -47
• Japan October headline CPI +3.7% y/y (prior +3.0%)
• ICYMI - VERY ugly economic report from the UK on Thursday: living standards to fall by 7%
• Wall Street Journal reports that crypto lender Genesis had sought emergency loan of US$1bn
• Chinese media: "Economists Sees China Rebounding as Covid Policies Ease"
• Poll shows most analysts expect a +75bp rate hike from the RBNZ next week
• Morgan Stanley expects to see widespread USD weakness over the coming year
• Trade ideas thread - Friday, 18 November 2022
• US major indices close lower for the 2nd consecutive day
• Forexlive Americas FX news wrap: US dollar claws some back

USD/JPY USD/JPY The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting Read this Term has dribbled lower on the day. In the Tokyo morning we had the October inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term data released. It is continuing to gain. Bank of Japan Governor Kuroda appeared in the Diet afterwards and repeated yet again that he sees the current high (for Japan) levels of inflation as only transitory and expects the cost-push factors prevalent right now to dissipate during Japan’s next fiscal year. Japan’s next fiscal year begins on April 1.

The USD has lost ground on the session, most noticeably amongst the majors against yen. As I post USD/JPY is down 75 or so points from its earlier high to circa 139.75.

EUR, GBP, AUD are all higher against the USD.

North Korea fired a ballistic missile today. It landed to the west of Japan.

Japan inflation, graph via Goldman Sachs: