USDJPY plunges lower and is now trading below 140.00. Economists at BBH expect the pair to test the August 23 low near 135.80.
Japan reported October PPI
“USDJPY broke below its September 22 low near 140.35 and sets up a test of the August 23 low near 135.80.”
“October PP came in at 9.1% YoY vs. 8.8% expected and a revised 10.2% (was 9.7%) in September. That revised September reading was the highest in 42 years. It’s tempting to say PPI has peaked but if the drop is sustained, that bodes well for CPI in the coming months.”