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Finance Minister Suzuki Reiterates MOF Could Intervene If Moves Warrant It

JPY
  • Japan Finance Minister Suzuki: ARE CASES THAT MAY REQUIRE APPROPRIATE FX RESPONSE (BBG)
  • Slightly more from Reuters:
    • Told G20 FX volatility may heighten, excess FX volatility undesirable
    • Told G20 appropriate action may be needed depending on FX moves (Reuters)
  • As a reminder on Thursday, we heard similar from a senior MOF official who reaffirmed that FX volatility is problematic and that currency adjustments must reflect fundamentals. Bank of Japan Governor Ueda also now talking and says that there is no big change in our global economic outlook.
  • Japanese authorities refrained last week from disclosing whether they had intervened to support the yen and stressed their resolve to act against excess volatility, keeping markets on alert for the chance of yen-buying intervention. Previously some sell-side institutions had touted 150.00 as the potential level where the MOF/BOJ might act.
  • USDJPY has traded in a very narrow range on Friday and the recovery from last Tuesday’s low at 147.43 is an overall bullish technical development. A clear break of the 150.00 handle would reinforce bullish conditions. The bull trigger is 150.16, the Oct 3 high and a break would initially open 150.40 and 151.09, both Fibonacci projections.
  • On the downside, clearance of 147.43 would be a bearish development and signal scope for a deeper retracement.
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