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JPY Demand Seen, Although Fades From Extremes

JPY

JPY demand seen, with USD/JPY trading towards 156.90, before a recovery to ~157.10.

  • Nothing hawkish in the latest round of comments from BoJ board member Adachi, with no obvious fundamental trigger crossing.
  • The move doesn't look big enough for Japanese MoF intervention, but the potential for such action is clearly still on participants' minds.
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JPY demand seen, with USD/JPY trading towards 156.90, before a recovery to ~157.10.

  • Nothing hawkish in the latest round of comments from BoJ board member Adachi, with no obvious fundamental trigger crossing.
  • The move doesn't look big enough for Japanese MoF intervention, but the potential for such action is clearly still on participants' minds.