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Japan FX Czar Says Authorities Could Conduct Stealth Intervention


Spot USD/JPY trades at Y144.85 as Japan's FX policy chief Kanda reiterated that the authorities stand ready to act on volatile yen moves without ruling any options and flagged the option of conducting a stealth intervention.

  • Kanda noted that the authorities have not intervened in currency markets yet but are continuously on a standby and might step in covertly, without necessarily confirming that they took action. He added that the intervention will happen for sure when needed. The official declined to comment on the potential effects of an intervention or whether rate checks have been done.
  • There has been little follow-through from Kanda's comments to the price action. Spot USD/JPY last sits at Y144.85, up 78 pips on the day, after topping out at Y145.37 in the immediate wake of the BoJ's monetary policy decision.

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