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USD/JPY: 145 breached yet BOJ intervention seems unlikely
Widening interest rates differentials between the United States and Japan continue to support the USD/JPY, seeing the pair pop to a fresh multi-month high above 145.00 today. While the move was unable to be sustained, the probe above the level will undoubtedly raise questions among traders about the threat of renewed currency market intervention given it was where the Bank of Japan first intervened back in September last year to curb relentless yen weakness. The widening in rate differentials corresponds with another push higher in US bond yields after producer prices rose more than expected in July, including for ... (full story)