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FinMin Suzuki Continues FX Jawboning

JPY

Japan Finance Minister Suzuki has stated he has no comment on recent FX moves or levels. He added that the authorities are watching FX moves with a high level of urgency and that no option will be ruled out. They are also in close contact with overseas currency authorities.

  • These comments are very much in line with recent comments made by various Japan officials. PM Kishida made comments that Japan will take action on excessive yen moves in NY on Thursday.
  • The reaction in USD/JPY has been muted so far. The pair saw a modest pull back from near 147.80 to 147.70 but there hasn't been any further follow though at this stage.
  • Note we are also now in the release window for the BoJ meeting outcome.

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