Helena Lyng Blak
31 weeks ago

Intervention may be headed for yen

Japan is nearing currency intervention.
Japanese yen fall
Motortion Films / Shutterstock.com

On Wednesday, the Japanese yen dropped to its weakest level since 1990.

"This morning, USDJPY traded just below 152, and the close approach towards the significant handle triggered statements from BoJ officials about the potential need for central bank intervention in USDJPY to protect the currency, which the hike failed to do,” explains financial analyst of Steno Research Oskar Vårdal on Wednesday.

Earlier today, the Ministry of Finance along with the Bank of Japan jointly conducted a meeting where they issued a caution to markets about the potential for foreign exchange intervention, though it was merely a verbal warning at this stage, Vårdal highlights.

“With the track record of the BoJ, today’s statements are likely to serve as a bluff yet again,” says Vårdal, continuing, “which will allow JPY pairs to continue higher, all other things equal.”

Disclaimer

The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

19 weeks ago Analysis: New Debate Rules Favor Biden New rules announced for the June 27th debate between Joe Biden and Donald Trump serves the President well.
19 weeks ago StanChart Becomes Among the First Global Banks to Launch Spot Crypto Trading StanChart breaks new ground by launching spot trading for Bitcoin and Ether, leading the charge among global banks in the cryptocurrency space.
19 weeks ago Crypto, Currently: June 21, 2024 - Market Bears Down on Major Cryptos Daily update on the five cryptocurrencies, we consider the most interesting right now.
19 weeks ago FX Daily: June 21, 2024 – Forex Market Update Daily update from the foreign exchange markets.
19 weeks ago Amazon Plans To Make Largest Reduction of Plastic Packaging in North America To Date Amazon's response to mounting criticism over its plastic waste with a new reduction plan.
19 weeks ago Ex-OpenAI Chief Scientist Ilya Sutskever Launches New Company Amid Criticism of ChatGPT Parent's Board Appointments Ilya Sutskever, former chief scientist at OpenAI, has co-founded a new company, Safe Superintelligence Inc., amidst ongoing scrutiny of OpenAI’s recent board appointments.
19 weeks ago FX Daily: June 20, 2024 - Mixed Movements in Global Currency Markets Daily update from the foreign exchange markets.