USD/JPY saw fresh lows of 148.65 in Tuesday trade, before the pair rebounded. We track near 149.60 in early Wednesday dealings, little changed in aggregate for Tuesday's session. Intra-session lows for USD/JPY from Tuesday coincided with a sharp spike higher in USD/KRW, as political turmoil gripped South Korea and broader global markets after the President's martial law declaration (which was later withdrawn). JPY/KRW spot got close to 9.70 (fresh highs back to 2023), before retracing lower. 

• Outside of South Korea related gyrations in USD/JPY, helping drag the pair off lows was the better than forecast US JOLTs data. US yields finished higher across the Tsy benchmarks as well, led by the back end.
• With divergent monetary policy paths clearly weighing on USDJPY in recent weeks, Friday’s US employment report remains the next focus, as well as wage data from Japan. On the downside, 148.17 support is next, the 50% retracement of the Sep 16/Nov 15 rally. On the topside, the 50-day EMA is at 151.40.
• Today on the data front we have PMI services revisions for Nov.
• Also note the following option expiries for NY cut later today: Y143.50($2.2bln), Y147.00($540mln), Y151.15-25($935mln).