USD/JPY: Lowest Since November 2014, Enroute To 108 - BNPP

Risky assets are under pressure across markets globally, feeding through in G10 FX to JPY outperformance and commodity FX weakness.

USDJPY has traded to 110.27, which represents the lowest level since November 2014.

Japanese officials are likely uncomfortable with the currency strength – this morning government adviser Suga was reported as commenting that they are “watching FX level moments with sense of urgency”. For the moment Suga’s comments appear to have calmed the rally in the JPY; however they are unlikely to have much of a sustained impact absent concrete action.

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We remain of the view that USDJPY can push lower and continue to forecast a move to 108 by end Q2.