USD/JPY a little lower after verbal intervention from Japan – Suzuki, Kanda

Suzuki didn’t have much to say:

But he unleashed his attack-underling ‘Mr. Yen’ Kanda:

Interestingly Kanda said he didn’t intervene in the yen last month, Justin broke this yesterday:

Hat’s off to Japanese authorities, they managed to hold USD/JPY around 150 for weeks without, if they are to be believed, spending anything on intervention. Its surged after yesterday’s BOJ decision. As I said yesterday:

  • The last time the Bank of Japan allowed an expanded range for the 10 year JGB yield tolerance band the Bank explained this was to make ultra-easy policy more sustainable. Today the BOJ set the 1% cap more firmly in place, cementing that reasoning, it looks like loose policy is set in place for still some time to come.

Will Suzuki and his team at the MoF use the same ‘verbal intervention’ playbook again ahead of say, 152, on USD/JPY?

This article was written by Eamonn Sheridan at Source