USD/JPY is stabilizing around 120.25/30 with the DJIA now showing triple digit gains. In addition, bond yields have reversed earlier declines in reaction to the stock rally, with yields now at 4.70% on the ten-year bond according to TradeWeb and above pre-CPI levels.
This is helping to support USD/JPY. The NAR existing home sales shows that sales this quarter have improved over the last quarter of 2006 and prices appear to have stabilized. The lower median house price is being blamed on fewer sales of more expensive homes. EUR/JPY and GBP/JPY are trading to fresh session highs, helping to underpin USD/JPY on the cross as well.
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