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NY Session: JPY continues to tumble

Updated Jan 24, 2013 4:05:00 PM By Eric Viloria, CMT

The JPY continued to slide after more dovish comments from Japanese officials and the USD traded mixed against the majors today as initial jobless claims fell to the lowest level in five years. USD/JPY climbed back above the 90.00 big figure and reached the highest level since June 2010 after Deputy Economy Minister Nishimura indicated that USD/JPY at 100 does not present a problem. He also noted that a level of around 110-120 adds to import costs. There were also reports that Prime Minister Abe wants to keep possible Bank of Japan law change in sights which keeps pressure on the BoJ to take more aggressive easing measures. This reversed the short-lived yen strength that follow the underwhelming response from this week’s BoJ meeting.

German Chancellor Merkel addressed Japanese policy and said when she looks at Japan, she is “not without concern” on FX rates. She joins several other German officials who have voiced concern over the actions taken by Japan. EUR/JPY rose back above the 120.00 figure and is currently trading around 120.80.

In the US, weekly initial jobless claims fell by 5k to 330k from the prior 335k (cons. 355k). This was the lowest level since January 2008, however as noted by the labor department last week January readings may be subject to adjustment issues. December leading indicators were also released and showed a print of +0.5% which was higher than the +0.4% expected (prior 0.0). Kansas City Fed manufacturing activity for January disappointed with a -2 reading (cons. +1, prior -1) as the latest in a stream of negative regional manufacturing reports in January.

U.S. equities were mixed with the DJIA closing higher by about +0.33% while the S&P 500 finished the day relatively flat. Precious metals declined as gold and silver are currently lower by -1.07% and -1.79% respectively.

Data watch

Due out of the upcoming Asia/Pacific session is a speech by New Zealand Prime Minister Key. Japan will see the release of December national consumer price data and January consumer prices for Tokyo. These CPI figures are notable as the Bank of Japan recently increased its inflation target to 2% and as Japanese officials have been quite aggressive in their anti-deflationary rhetoric. Tonight’s data is expected to show persistent deflation which suggests more monetary policy easing is needed and also indicates that officials are likely to keep up the steady stream of dovish commentary. In China, a business sentiment measure for January will be reported.

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