The JPY is soft, near 150, reflecting the rebound in US yields and less supportive spreads, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

JPY trades around 150

“Spot US Dollar/Yen is about where it should be, according to our fair value estimate (150.20) but Japanese officials are still likely to step up verbal support for their currency around these levels.”

“It’s a quiet start to the week for global markets data-wise. Over the balance of the week, global PMIs, the Fed’s Beige Book and (potentially) more China stimulus will move markets. BoJ Governor Ueda is expected to speak at an IMF event Wednesday.”