Yen softens as trade data disappoints – Scotiabank
Par FXStreet Insights Team
Date de publication: 22 Jan 2026 | Date de modification: 22 Jan 2026
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The Japanese Yen (JPY) is soft, down 0.2% vs. the US Dollar (USD) and an underperformer against all of the G10 currencies as we head into Thursday’s NA session, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
The Japanese Yen (JPY) is soft, down 0.2% vs. the US Dollar (USD) and an underperformer against all of the G10 currencies as we head into Thursday’s NA session, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.
USD/JPY back above 158, near intervention levels
"Trade data disappointed, and the yen is once again trading defensively, with USD/JPY drifting back above 158 and toward last week’s highs above 159. Both levels are important and are associated with recent verbal interventions from the MoF as they sought to push back on sentiment-driven weakness related to politics. "
"The rumors and ultimate confirmation of an election, scheduled for February 8, have generated weakness in the yen as market participants have considered the implications of a strengthened mandate for PM Takaichi within the context of her views on central bank independence and calls for closer cooperation with government."
"The BoJ’s next policy decision should be announced early in Friday’s Asian trading session. A hold is widely anticipated and the tone will be critical, given recent turbulence in the Japanese government bond market."
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