Daily Market Notes
155.00 Held on the Third Attempt. At 23:50 Tokyo Finally Gets a Japanese Number.
USD/JPY has taken 155.00 three times in thirty-six hours. The first two were handed straight back inside the session; the third stuck — New York closed 155.10, seventy-five sen up, on a 154.21–155.24 range, with the ten-year at a nineteen-year 5.0390% and the Dow down 399. Three sessions running, every link in the yen's chain has been American. At 23:50 UTC Japan finally supplies its own numbers — trade balance, exports, imports and core machinery orders in one minute — and on the evidence of the last three sessions Tokyo will not trade a single one of them. We are putting that in writing so it can be marked.