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On Monday, June 17, experts record a decline in Japanese bonds (JGB) and the yen (JPY). The currency of the Land of the Rising Sun fell after US Treasury bonds in anticipation of the Fed meeting. It will be held on Wednesday, June 19.
JGB futures ended the trading session with a decrease of 0.08 points. The basic 10-year yield increased by 0.5 points. According to analysts, the weakening of futures on JGB may be a reaction to market volatility recorded last week. The decline in futures prices can negatively affect the state of the stock market, experts say. At the same time, the sector of super-long securities remains under pressure after the failed auction of 30-year bonds held last week.
The USD/JPY pair is trading at 108.60 after reaching 108.70, the highest level since June 11 this year. The yield of 10-year US bonds increased by 2 b.p., to 2.10%, and the yield of two-year securities – 2 b.p., up to 1.86%. Experts record a drop in demand for treasuries in anticipation of the Fed meeting, which will address the issue of further monetary policy.
Analysts expect the dollar/yen to move in a narrow range with a significant downward bias ahead of the FOMC meeting. Currently, the dollar/yen is close to the current level near the mark of 108.50. It will continue to remain in this range if the regulator's policy meets market expectations for a rate cut next month. After the Fed meeting, the attention of market participants will be captured by two important events: the G20 meeting next week and trade negotiations between the US and China. Positive market sentiment was provided by strong data from the US, recorded last Friday.
Currently, the yen has significantly decreased against the entire group of 10 leading world currencies. Last week, there was a fixation of the US dollar in the Asian regions, in particular in Tokyo. During this fixation, significant purchases of USD/JPY took place. On Monday, the Asian markets observed a "bearish" trend caused by the fact that players adjust their positions to buy in Treasury securities, opened in anticipation of the weakening of the fed policy.
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