JPY: USD/JPY - The USD Finds Some Buyers After FOMC

The overnight range was 142.83 - 144.00, Asia is currently trading around 143.85. The USD finally managed to rally as the Fed remained on hold and Powell stated they could be patient.

• Nikkei via BBG - Japan is considering leveraging shipbuilding in its tariff negotiations with the Trump administration.
• Toyota Motor Chairman Akio Toyoda’s $42 billion plan to buy out Toyota Industries is progressing, with the parties involved having picked financial advisers and working toward a tender offer as soon as November, people familiar said.(per BBG)
• The Japan Times - “The Japanese government should respond calmly to U.S. President Donald Trump's tariff measures, former Bank of Japan Gov. Haruhiko Kuroda said in a recent interview.”
• "It's better not to be worked up by every little thing, but to sit down and respond," Kuroda said, referring to frequent changes in U.S. tariff policy.
• USD/JPY the 145.50/1.4700 area remains the area in which sellers will be eager to get involved.
• Even though the USD has finally bounced back, price is still in the middle of nowhere. Corrections will occur but for now the market seems to be happy to use these to add to USD shorts.
• CFTC data shows Asset managers continuing to add to already significant JPY longs, leveraged funds seems to have pared their shorts back a little.
• Data/Event : BOJ Minutes, Japan Apr Tokyo Office Vacancies, 6mnth Bill sale, 10Yr Bond Sale.

Fig 1 : USD/JPY Spot Daily Chart

Source: MNI - Market News/Bloomberg