Massive US Treasury bond sale may underpin USD/JPY
The US government is auctioning $180 billion worth of Treasury Notes this week as the US government issues more debt. $180B is a very large amount in such a short space of time – equivalent to a quarterly allocation normally – according to Mark Cranfield of Bloomberg MLIV.
In addition, the largest ever auction of 2-year US Treasury Notes is taking place on Tuesday. The auctions are likely to lead to higher US Treasury yields and given increased demand from foreign bond buyers, USD buying which could have a bullish impact on USD/JPY, says Cranfield.
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