The dollar strengthened overnight, hitting a six-day high as USD/JPY pierced 152 following news that LDP leader Sanae Takaichi will become Japan’s next prime minister. Her alignment with Abenomics initially buoyed the yen’s weakness, though analysts note today’s backdrop is very different from the deflationary, strong-yen environment of that era.
New Finance Minister Katyama reiterated that currency stability is desirable and pointed out that Japan’s fundamentals suggest a fair value for the yen closer to 120–130 per dollar.
The greenback also gained support from easing concerns over U.S. regional banks and positioning ahead of Friday’s CPI report, where markets anticipate a possible upside.
Broader sentiment remains influenced by U.S.–China trade headlines after President Trump signalled optimism about a deal with President Xi, even as officials criticised Beijing’s economic coercion.
In Europe, EUR/CHF weakness persists, testing levels not seen since 2015, while UK data showed a wider-than-expected budget deficit amid rising debt-servicing costs. Attention now turns to Canada’s CPI release and remarks from several ECB officials later today.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
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