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Matsuno Warnings Put Spot at New Daily Lows

JAPAN
  • Japan's Chief Cabinet Secretary Matsuno states that it's important for FX to move stably, reflecting economic fundamentals. Matsuno adds that the Japanese authorities are closely watching FX moves with a high sense of urgency.
  • USD/JPY briefly shows at fresh daily lows on the back of that Matsuno headline - new lows printed at 143.20. Price still well clear of Friday's lowest levels ( 142.72 ) and within striking distance of 143.87 the cycle high posted last week.
  • Matsuno comments follow similar focus from Kanda over the weekend - who refused to rule out any options on the currency - stressed that the recent FX moves are seen as "rapid" and "excessive".
  • Nonetheless, USD/JPY remains close to multi-month highs - last intervention phase was November 10th - as USDJPY traded in the 146.50s

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