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Kanda Briefing Stops Short of Intervention Confirmation

JAPAN
  • Having corrected sharply lower on the back of initial intervention speculation, USD/JPY is well off lows as Kanda briefs press following the BoJ/FSA/MoF meeting. Kanda confirms that the authorities see clear speculative moves behind the recent gyrations in FX prices, warning that they will take appropriate action against any excessive moves. Specifically, Kanda noted that 4% FX moves across the course of two weeks is not "moderate" market move.
  • Importantly, Kanda stops short of confirming any intervention from the authorities today, allowing JPY to edge off highs and USD/JPY to climb back to ~151.34 at typing.

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