Stealth Intervention Talk Permeates Market as Yen Approaches 150
The yen carried on its seemingly inevitable march toward 150 per dollar, as traders scoured intraday moves for evidence of stealth intervention from Japan. Twice in under a week investors have seen sudden bursts of yen strength as it edged to fresh lows, spurring speculation that officials are subtly intervening to support the currency. The yen traded around the 149.20 level Wednesday, after weakening to 149.38 on Tuesday in a volatile session which included such a spike. “The move seems to have been driven off of electronic flows rather than ‘voice’ driven flows which points to ‘stealth’ intervention,” ... (full story)
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tweet at 6:59pm: JAPAN'S FINANCE MINISTER SUZUKI: CONSTANTLY MONITORING FX MARKETS. tweet at 7:08pm: JAPAN'S FINANCE MINISTER SUZUKI: WE WILL CHECK FX RATES MORE FREQUENTLY - JIJI. tweet at 7:09pm: JAPAN'S FINANCE MINISTER SUZUKI: WE WILL RESPOND APPROPRIATELY TO THE FX MARKET BASED ON EXISTING POLICY - JIJI.
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tweet at 9:13pm: BOJ'S GOVERNOR KURODA: RECENT YEN WEAKNESS IS ONE-SIDED AND SHARP. tweet at 9:13pm: BoJís Gov Kuroda: - Extremely Important for FX to Move Stably Reflecting Econ Fundamentals - Recent Yen Weakening Sharp, One Sided - This Kind of Sharp, One-Sided Weakening Is Not Desirable For Economy
tweet at 9:37pm: BOJ'S ADACHI: SHIFTING TOWARD MONETARY TIGHTENING WOULD WEAKEN DEMAND, HEIGHTEN RISK JAPAN WILL REVERT TO DEFLATION tweet at 9:37pm: BoJís Adachi: - Japanís Economy Picking Up Despite Impact of Rising Commodity Prices - Japanís Prices Rising at Faster Pace Than I Initially Thought tweet at 9:38pm: BoJís Adachi: - Japan Still Half Way in Meeting BoJís 2% Inflation Target - Japanís Economy Vulnerable to External Demand Shock, Which Could Tip It Back To Deflation
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