Tokyo Opens Into a Decision It Cannot Price, and the Hundred-Pip Round Trip Was All American
USD/JPY made 156.32 in Tokyo, traded down to 155.32 on American data and closed New York at 156.10.
The five US releases we published that we could not price are now in — and the one that landed on the option cut was the one where the consensus had the sign wrong. Plus: the ten-year came back below 5% and the yen did not follow it.