The yen’s June reprieve lasted exactly two weeks. USD/JPY closed Monday at 162.51, up from 161.88 last week, with the pair touching 162.58 — the highest since the April spike. The sellers who showed up at the end of June have been absorbed, and the carry community has taken that as its cue to reload. […]
162.6. That’s where USD/JPY closed on Wednesday, and I had to double-check the screen because the last time we were here, the conversation was all about intervention. The pair has rallied almost without pause since mid-June, climbing from 159.6 to its highest level of 2026. The engine is the same one that’s driven every big […]
USD/JPY closed Tuesday at 161.79 — the highest finish of 2026 — and the distance between what Japan wants and what Japan can do has never looked wider. The problem in one paragraph Japan’s economy needs a weaker yen to keep exports competitive and inflation positive. But at 161, the currency’s decline is feeding import […]
The carry trade is feeding on itself. USD/JPY closed Monday at 161.43, its highest level of 2026, after touching 161.91 intraday. The pair has now gained roughly 500 pips since the start of June, and the character of the move has changed. April’s rally was cautious and headline-driven. This one is mechanical — systematic funds […]
160.33. That’s where USD/JPY finished Monday — the first daily close above 160 since the late-April spike, and a line in the sand that matters both technically and politically. The pair has now rallied for four straight weeks, from 156.85 in early May to Monday’s high of 160.39. Steady, persistent, almost boring — which is […]