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Forex Flash: Watanabe's positioning shift may benefit AUD/NZD - ANZ

Japanese households have recently liquidated 20% of their AUD bonds since November last yeat, but while adding to their NZD bond holdings, says Wei Liang Chang, FX Strategist at ANZ Research.

"Japanese relative positioning in AUD versus NZD bonds thus looks overly skewed on a historical basis. A reversal of bond positioning on the back of the recent rise in AU-NZ yield differentials and overdue profit-taking in NZD bonds can put upward pressure on AUD/NZD" the analyst believes.

Forex: USD/JPY above 92.50; deflation persists

Closing yesterday's up +2.71%, Nikkei index opens today down last -0.27%, with USD/JPY around the 92.55 level, off session and 3-day highs at 92.86, bouncing from daily lows at 92.00 round. USD/JPY is still lower by -0.91% for the week, with latest CPI for the month of January at -0.2%, in line with expectations and the same as previous, 9th consecutive month in the negative, while household spending increased +2.4% year on year, highest in 6 months.
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