Local news flow has been light for the yen this past week, keeping focus on US yields with the USD / JPY consolidating around 113.00 with the 10-year bond holding around 2.30-2.35%, now missing the impetus to drill higher, according to Sean Callow, research analyst at Westpac.
Key Quotes
"A hurricane-damaged US employment report seems an unlikely catalyst for increased yields, although average earnings should not be affected and appear to be due to a rebound."
"Portfolio data for the last week of September showed the largest net sales of FOREX bonds by Japanese investors since April ($ 9 billion), but could be linked to the end of the semester."
"USD / JPY range to mark a slightly higher range, mostly 113.00-114.00 if USD is broadly firm.But as always, risk aversion stalks, with plenty of room for falls in the USD / JPY when I come back".
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