Recurring series

JPY Weekly

Finvaulta tracks 10 editions of JPY Weekly from MUFG, published between May 11, 2026 and July 13, 2026. Each edition is summarized on its own page.

Latest edition · July 13, 2026

JPY Weekly - 13 July 2026

This report details recent volatility in the USD/JPY pair driven by Japanese policy rhetoric and Middle East geopolitical tensions. It highlights a government pivot to stabilize JGB yields and potential pension fund inflows as key supportive factors for the Yen.

The USD/JPY has experienced turbulence following the release of Japan's 'honebuto' economic policy draft, which markets initially interpreted as an anti-rate-hike signal. While Minister Kiuchi has since clarified that the government respects BOJ autonomy, long-term JGB yields remain a focal point near 3%. Meanwhile, Finance Minister Katayama's support for increased domestic asset allocation by pension funds like the GPIF has introduced a new potential catalyst for Yen strength, complicating the outlook for dollar-driven volatility.

Read the latest edition in full

Key takeaways from the latest edition

1.The Japanese government is revising the 'honebuto' policy draft to clarify it is not a warning against BOJ rate hikes, helping to stabilize long-term JGB yields.
2.Finance Minister Katayama's interest in supporting domestic asset investment by pension funds (like the GPIF) could catalyze yen buying.

What this series covers

Week in review
Long-term yields approach 3%
Reports of revisions to the honebuto policy
Pension funds bring yen buying to mind
Plenty of Fed-related events, but dollar strength may be hard to generate

Edition archive

Series at a glance

Editions tracked: 10
First edition: May 11, 2026
Latest edition: July 13, 2026

All MUFG research

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