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Kanda Confirms FX Intervention, Prompting Wild Swings in JPY

JAPAN
  • USD/JPY plummeting, with USD/JPY off considerably from the overnight cycle high as Japan's FX chief Kanda confirms to reporters that Japan have intervened in currency markets.
  • Kanda confirms that Japan have taken bold action in markets, and that they have formally intervened. Kanda adds that the government are highly concerned about excessive moves in markets and will monitor with a high sense of urgency.
  • USD/JPY now printed a near 300 pip range on the session, dropping further through Y143.00 at typing after hitting Y145.90 in early Europe.

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