The yen is steadier after Friday’s fireworks. When will it be a buy? Kit Juckes, Chief Global FX Strategist at Société Générale, analyzes the USD/JPY pair.

US yields could get USD/JPY under 140

“If Bank of Japan Governor Kuroda were to spring a surprise u-turn on BOJ policy, that would have a major impact on the currency, but I can’t see it. 

“On the basis of the move this year, a 5% 10-year Note would get USD/JPY above 160. A 3.5% 10-year Note yields might get USD/JPY under 140. We’re not yet at the point where the latter is on the horizon.”