ForexLive Asia-Pacific FX news wrap: USD/JPY swings down to 142.50, comes back to 144

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After
the enormous swings for USD/JPY on Thursday it continued to move
during the timezone here but not in such a huge range. We didn’t
hear anything from Bank of Japan officials today. Japan finance
minister Suzuki did have a few saccharine remarks about how he is
‘closely watching’ moves. USD/JPY began the session with highs to
around 144.20 before crashing to 142.50 and then rebounding to
144.10. I hope Suzuki didn’t get whiplash. JGBs,
too, were pummelled, the 10-year yield rose back to a 3 week high.
</p><p>In
Japan economic
data
today we had disappointing Q3 GDP data. The advance read on this was
a contraction of 0.5% but that slid further to -0.7% in the final
release. For the y/y annualised it
came in at -2.9%. Monetary policy tightening with GDP at such a
deeply contracting pace? I wonder.
</p><p>Major
FX rates were otherwise relatively subdued. AUD/USD is back above
0.6610.
</p><p>And,
ICYMI, China is releasing November inflation data over the weekend,
see bullets above for more on this.</p>

This article was written by Eamonn Sheridan at www.forexlive.com.