Analysts at Scotiabank noted that JPY’s gains have been attributed to thin summer trading conditions.
Key Quotes:
“Fundamental developments have been limited, with no major data releases, and PM Abe has announced his intention to seek a third consecutive term as leader of Japan’s LDP.”
“Yield spreads are little changed from Friday, and measures of implied JPY remain soft as risk reversals suggest a continued unwind of JPY’s Turkey related haven-driven gains from early August.”
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