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(Share) USDJPY grinds higher ahead of Janet Yellen testimony: What next?

Carl Bernick

New member
The USDJPY was boosted by relief that President Trump did not engage in any jawboning of the currency over his weekend meeting with Prime Minister Abe

It’s clear the Japanese leader had a plan ready ahead for a Trump victory. He quickly traveled to New York with the gift of a gold-plated golf club, reflecting a shared interest. He then found a way to get to the front of the line in terms of official visits.

The two were all smiles during the two-day meeting and Abe achieved all his goals. He drew US support for Japanese control of the Senkaku Islands and turned Trump’s gaze away from yen weakness. That’s a big win for Japan and surely a few other world leaders will have wished the cosied up to Trump so quickly despite the objections of some of their domestic voters. Theresa May tried pulled off a similar coup.

On the economic front Japanese Q4 GDP missed forecast with actual 0.2% versus 0.3% eyed but nevertheless managed the fourth consecutive quarter of expansion. Analysts, however, noted that all growth was export driven with exports rising 2.6%, business investment increasing 0.9% while household spending remained flat. With Japanese domestic still very weak there is absolutely no reason for BOJ to taper its QE program and the central bank is likely to maintain it easing policy for the foreseeable future.

William Castillo

Banned Users
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