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USD/JPY Crushed as Intervention Confirmed

FOREX
  • A frantic morning session for G10 FX was rounded off by confirmation of intervention in currency markets by the Japanese authorities - moving to strengthen the JPY for the first time in 25 years. The results were immediate: USD/JPY has now posted a daily range of over 500 pips, having been sold aggressively off the Y145.90 high.
  • Prices appear to be stabilising at around the Y141.00 handle, but price action remains very volatile. Attention turns to an imminent press briefing at 1030BST with the Japnese finance minister Suzuki and the top currency diplomat Kanda.
  • Elsewhere, central banks have been busy, with both the Norges Bank and Swiss National Bank raising interest rates. Norges Bank raised rates by 50bps for possibly the last time this cycle, while the Swiss National Bank exited negative rate policy, but introduced tiered rates for sight deposits, implementing a new policy tool in the process.
  • Unsurprisingly, JPY is comfortably the best performer across currency markets, with CHF the weakest. The CHF/JPY cross is 2.5% lower on the day and has traded as much as 4.7% off the intraday high.
  • Focus turns to the BoE rate decision, at which the bank are expected to raise rates by 50bps to 2.25%. Rate decisions for the Turkish and South African central banks are also due. Data highlights include the weekly US jobless claims data and leading index for August.
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