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Japanese FX Intervention Fails Again As Yen Plunge Continues
The Japanese Yen appears to be inexorably drawn to the Maginot Line of 150/USD as for the third time in less than a month, Japan's 'yentervention' failed overnight. As we detailed before the Asian open last night, Japanese Prime Minister Fumio Kishida stepped up the rhetoric against the weakening yen, daring traders to test him with threats of policy maker willingness to step into markets. They did test him... and it appears pretty clear than Tokyo stepped in (though not admitted)... and then the yen kept tumbling further... chart That is strike 3 for yentervention. Strike 2 was just last week... chart And Strike ... (full story)
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Everyone can see the chart, but only a few can actually read it.
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