The recent rebound in the yen may prove short-lived, with political uncertainty in Japan and fiscal expansion pressures continuing to weigh on sentiment. Meanwhile, the unwinding of USD/JPY longs could be amplifying broader dollar weakness, ING's FX analyst Francesco Pesole notes.
Ishiba's fragile position clouds outlook
"Unwinding of USD/JPY longs may also be weighing on the dollar at a broader level. Here, our view is that the yen’s rebound may be a fluke, as Prime Minister Shigeru Ishiba’s position remains fragile, even if he manages to secure a trade deal with the US."
"Pressure from other parties to push through some expansionary fiscal measures is unlikely to fade, and that’s what has unnerved long-dated JGBs. Beyond the ‘buy the rumour sell the fact’ initial reaction, the bond market still looks vulnerable."
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