Veytics Intelligence
2026-10-22 · Mufgresearch

Asia FX Talk - MUFG Research

Asia: BSP and BOK policy rate decisions, Malaysia and Thailand reserves External conditions remain challenging for several Asian currencies, although policymakers across the region are increasingly deploying FX measures to slow the pace of depreciation . The US 10-year Treasury yield remains around 5.1%, while Brent crude continues to trade above USD100/bbl. In Japan, September exports rose 16.7%yoy, below the 21.3% market consensus, while the trade balance remained in a USD3.4bn deficit, partly reflecting the elevated oil import bill. The data provided little support for JPY, with elevated US yields continuing to dominate the near-term backdrop. USD/JPY has remained range-bound between 157.50 and 158.60 in recent days.

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