April 10, 2024 14:25 GMT
Kishida Arrives at White House as USD/JPY Consolidates at Multi-Decade High
JPY
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- Japanese PM Kishida arriving at the White House to meet with Biden at typing - nominally to discuss regional defence issues, AI, China policy and nuclear fusion projects, but markets will understandably watch closely for any mention of the USDJPY FX rate. Kishida is less active in addressing the currency directly (relative to the top currency diplomat Kanda and finance minister Suzuki) however did state last week that government would not rule out any measures in dealing with FX rates.
- Last confirmed Japanese FX intervention was in H2 2022, where Japan spent ~$60bln in intervening in USD/JPY on Sept 22nd (prevailing spot level = Y145.84) at 0903 UK time, Oct 21st at 1536 UK time (Y151.64) and November 10th at 1324 UK time (Y146.12).
- USD/JPY spot consolidating the sharp CPI rally to trade just below new multi-decade highs printed today at Y152.73.
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