FX Action: USD-JPY is down for a fifth straight session
FX Action: USD-JPY is down for a fifth straight session, logging a low earlier in Tokyo trading at 106.84, which is the lowest level seen since November 2016. Yen crosses are mostly lower, too, albeit by comparatively moderately degrees. EUR-JPY ebbed to a three-session low of 132.36, and AUD-JPY also forayed into three-session low terrain. This comes amid a backdrop of mixed equity markets in Asia, where Japanese markets have continued to decline, with the Nikkei 225 closing with a 0.5% loss, contrasting to the 1%-plus gains that the main indexes in South Korea and Hong Kong have seen, while, in the case for USD-JPY, there are market narratives pointing to the release of U.S. CPI data later today as likely to evidence still-lacklustre price pressures.