The Japanese Yen clawed back prior session losses against the US Dollar today, as did crude oil.
Currency and commodity markets have started the year with a volatility breakout, with many markets whipsawing in the opening stanza of 2023. USD/JPY has recovered from Tuesday’s low of 129.51 to be back above 132 today.
Japan relies heavily on importing most of its energy and with crude oil down around 9% in the last few days, the Yen might be a beneficiary of the move.
