The Japanese Yen is losing to its own import bill

USD/JPY sat near 159.50 through Monday inside a 75-pip range for a net gain of 10 pips, on the day the Dollar Index broke beneath its 200-day Exponential Moving Average (EMA) to its weakest level since June. Every other major took that decline and ran with it, the Euro to a two-month high and the Pound to three-month peaks. The Yen was the one that would not, which is the more interesting fact on the board.

Monday’s driver was the war rather than the data. The 60-day framework meant to end the fight over the Strait of Hormuz expired with nothing agreed and Iran signalling an offensive posture, Crude Oil rose roughly 3% and the 30-year…

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