USD/JPY lost ground during Tokyo morning trade, falling to lows of 154.00 and just under.

There was little news nor data to point to as a catalyst. We did get plenty of info from Japan including verbal intervention comments from finance minister Kato. However, these came after the fall.

From the Reserve Bank of Australia today we had minutes of the November meeting. The Bank said it was vigilant to upside inflation risks, has "minimal tolerance" for inflation above forecasts, and that policy must remain restrictive. It did canvas what would be needed for the Bank to consider easing, such as:

  • weak consumption
  • sharp deterioration in the labour market or forward-looking data

but gave no indication this was imminent.

AUD tracked a small range only, as did other major FX against the dollar (all were lower against the yen, of course).

The Philippine central bank signalled it’d be cutting interest rates further this year and next.

usdyen wrap 19 November 2024 2