Bond-Bullion Barbell Blooms

Japan's "free hand" helps put the yen back on a firming path.

Key Takeaways

• Yen Jumps on “Free Hand” Remark: The yen has strengthened +0.7% back through ¥156 in the wake of Japanese Finance Minister Satsuki Katayama’s comment that she has now been given a “free hand” to take bold action to reverse the currency’s weakening path (the unit outperformed all G-10 currencies overnight in an impressive turnaround). The 50-day trendline, at ¥154.60, looks in sight, and the next test would be the 200-day moving average at ¥148.6.