JPY: Renewed tensions in global financial markets have seen the yen gain today - BBH

Research Team at BBH, suggests that renewed tensions in the global financial markets have seen the yen gain today. 

Key Quotes

“USD/JPY fell to 101.65, the lowest since last Monday.  Pressure continues to mount on the Bank of Japan to do something.  Last week's data showed price pressures are moving in the wrong direction, and despite a tight labor market, consumption is contracting.  Any disruption emanating from Brexit does Japan no favors.  

Japan reported services and composite PMI for June at 49.4 and 49.0, respectively.  Both weakened from May.  This continues the string of soft economic data, which has fed notions of further stimulus from policymakers.  Indeed, the 10-year JGB auction overnight drew a record low average yield of -0.243% vs. -0.094% at the previous auction.”