Yen holds on to a two-day loss after the U.S. Treasury Department stopped short of declaring China a currency manipulator in its semi-annual report on FX rates, easing concern over a potential escalation of the trade war. Japanese bond investors will focus on sale of 20-year debt.
USD/JPY is little changed at 112.63, having climbed 0.8% in the previous two days.
USD/JPY has scope to rise further, with immediate target around 113.09, as the rise in U.S. yields didn’t cause too much selling in U.S. stocks.
Source : Bloomberg