JPY outperforms as US maintains pressure on JapanFX Daily Snapshot

Key arguments

• Yen outperforms on Japanese officials' comments linking Trump's concern over yen weakness and rate hikes being on the radar.
• UST yields and crude remain tightly correlated; a credible US-Iran Hormuz reopening deal could sharply lower oil and yields, with notable impact on USD/JPY.
• SNB removed near-term hawkish risk, opening scope for renewed franc selling, especially if global yields continue higher.
• The inflation forecast revisions were minimal, with the SNB stating medium-term inflationary pressures have increased only slightly.

Corresponding source evidence

1. 1 25th September 2026 JPY outperforms as US maintains pressure on Japan 25 th September 2026 JPY: Katayama reveals Trump’s concerns over yen We start the final day of the week with some respite for fixed income markets –UST bond yields are down modestly today indicating a potential for at least a pause in the recent strong selling. · September 2026
2. Yields are currently very tightly correlated with crude oil prices and Brent crude oil is currently over 1% lower today on reports of a possible agreement between the US and Iran on a phased reopening of the Strait of Hormuz.
3. If there were credible reports on the US side to emerge on progress on a deal it would likely have a much bigger impact on oil and UST bond yields.