The Fixing We Spent Three Runs Asking For Printed at 157.64. So Did Monday's High.
Mitsubishi UFJ published its Tokyo fixing for dollar-yen at 157.64 at 10:06 Japan time, 01:06 UTC.
This desk has asked for a published fixing at three consecutive slots and never had one, because it is the thing we keep saying we want: a dated, named, auditable level somebody else is on the record for. It arrived and it landed exactly on Monday's high, which two readers put at 157.64. That is a coincidence and we are not building a mechanism on it. What followed is more useful. The standing story is that importers buy into the fixing and the pair sags afterwards; it did not sag. One publisher at 10:00 Japan time had the high at 157.67 and called the bid fixing-related; a second at 12:00 gives 157.76 and says it came after the fixing. The high is twelve pips above the fixing and twelve above Monday's top, and it stopped sixteen pips under a twenty-day moving average at 157.92 that one publisher named in advance, twenty-four pips under a 158.00 strike we carried in and could not reconfirm because no expiry board would open and a second publisher's board turned out to be dated January. The session is thirty-four pips, 157.42 to 157.76, twenty-eight per cent of its own forecast range. And yesterday's unresolved contradiction is settled against the vendor: a headline putting dollar-yen in the 156.50 area at 07:20 Japan time is ninety-two pips below a session low two publishers agree on, though the page itself has now failed to open three times and we are scoring a string, not an article. Japan's services producer price index printed 3.7 per cent in line at 23:50 UTC, with August revised.