MXNJPY creeping higher – implications for broader Asian FX?

Interesting to see $MXNJPY pushing 9.3668 today, especially with the day range seeing it touch 9.37647. It's a small move, but after a period of relative stability, any renewed upward pressure in cross-currency pairs against the JPY bears watching. If we see a broader unwind of carry or a flight-to-safety dynamic that benefits the yen, those longer-term positions in emerging Asian markets could start to feel the squeeze. Still, $USDTHB is holding fairly steady around 33.69, suggesting a bit of a divergence for now.

I'm keeping an eye on where this goes, particularly for any ripple effects into other Asian currency crosses. It's not a direct signal for equities yet, but tighter financial conditions via FX usually isn't a net positive for growth-sensitive assets in the region. Might re-evaluate some of the more speculative positions if this continues.