Flash: The JPY is the clear focus for the markets overnight – TD Securities

FXstreet.com (London) - The FX & Commodities Research team at TD Securities said that the JPY is the clear focus for the markets overnight with the USD down nearly 3% from yesterday’s high at one point earlier today before moderating those losses to what remains an eye-watering 2% or so loss.

They explained that the catalyst was the sharp slide in Japanese stocks (down more than 7% on the day) and a further push up in domestic yields (10-year bond yields reached 1% for the first time in a year), which prompted more liquidity support from the BoJ.