JPY weakens against USD in early NA trade – Scotiabank
Par FXStreet Insights Team
Date de publication: 8 Dec 2025 | Date de modification: 8 Dec 2025
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The Japanese Yen (JPY) slips 0.2% versus the US Dollar (USD), underperforming the G10, as rising US yields and firm domestic rate expectations weigh on the currency.
The Japanese Yen (JPY) slips 0.2% versus the US Dollar (USD), underperforming the G10, as rising US yields and firm domestic rate expectations weigh on the currency. Disappointing Japanese earnings, GDP revisions, and a narrower trade balance add to the pressure, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
USD/JPY gains as US yields climb
"The yen is soft, down 0.2% vs. the USD and underperforming all of the G10 currencies as we head into Monday’s NA session. Interest rate differentials are dominating as US yields climb back to the upper end of their range from September and threaten a bullish break, halting the recent JPY-supportive narrowing of US-Japan spreads."
"Domestically, rate expectations remain firm with markets now pricing 32bpts of tightening for December and a cumulative 50bpts by September. Overnight data have been soft, with disappointing real cash earnings and a weaker revision to the final Q3 GDP figures, along with a narrower than expected trade balance for October."
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