USD/JPY: stronger on broad based dollar strength - Scotiabank

Analysts at Scotiabank noted that JPY is down vs. the USD and weakening in tandem with most of the G10 currencies in an environment of broad-based USD strength. 

Key Quotes:

"Stronger than expected domestic labor cash earnings figures were released with no material impact on JPY, underscoring the dominance of broader themes. 

Risk reversals are suggestive of a continued softening in the premium for protection against JPY strength and the three-month measure is at its narrowest level since mid-May."