BTMUFJ says JPY buying picked up this week and the Japanese bank's balance of inhouse flows are now in favor of buying as the currency's weakness in recent weeks prompted buyers to appear. The Bank of Tokyo-Mitsubishi UFJ says despite some softness in JPY in recent weeks, the currency is still 45% stronger than its pre-financial crisis low in July 2007, highlighting that recent JPY losses remain modest. "Weakening the yen appears to be one of the main priorities for the LDP party with Leader Abe having already achieved some success by managing investor expectations through rhetoric with the nominal trade-weighted yen having fallen by around 3.0% over the last couple of weeks," bank ads. USD/JPY now at 82.54.
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