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Yen Tad Firmer On TBS Intervention Report

JPY

The yen has picked up a light bid as a source report from TBS got some broader airing. The piece suggested that the U.S. reacted positively to the idea of joint currency intervention with Japan, during today's discussion between respective finance chiefs. The report lacked any specifics and did not provide much clarity on parameters such as the likely price trigger for an intervention.

  • USD/JPY changes hands at Y128.31, down just 7 pips on the day, as it recovers from session lows. The rate plunged to Y128.06 at one point as Bloomberg carried the TBS report. Familiar technical contours remain in play.
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