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USD/JPY has suffered a slight setback in the early hours of Monday trade, with the exchange rate reaching a session low of 112.10 from 112.42 NY close last Friday, before an attempt to recover its footing and fill the gap, last at 112.30.
Double-whammy for Yen crosses
The twofold drivers behind the tentative strength in the Japanese Yen in early Asia are, firstly, the defeat by Japanese Prime Minister Abe's Liberal Democratic Party in the Tokyo Metropolitan Assembly election, which undermines his prospects on a nationwide election result; secondly, weighing on the Yen crosses is a Bloomberg story on Nobuyuki Nakahara, former BOJ board member & adviser to PM Abe, who stated that Governor Kuroda should not be reappointed as Bank of Japan Governor.
Double-whammy for Yen crosses
The twofold drivers behind the tentative strength in the Japanese Yen in early Asia are, firstly, the defeat by Japanese Prime Minister Abe's Liberal Democratic Party in the Tokyo Metropolitan Assembly election, which undermines his prospects on a nationwide election result; secondly, weighing on the Yen crosses is a Bloomberg story on Nobuyuki Nakahara, former BOJ board member & adviser to PM Abe, who stated that Governor Kuroda should not be reappointed as Bank of Japan Governor.
