Free Trial

USD/JPY Lower On 3-Way MOF, BOJ & FSA Meeting


USD/JPY is lower after headlines crossed that the MoF, BoJ and FSA will hold a 3-way meeting at 4:45pm local time today, which is just under 2 hours away. After the meeting the top currency diplomat will brief the media.

  • We noted yesterday there was a risk such a meeting could be called, given the sharp sell-off in the yen. This is the first 3-way meeting since early June.
  • That meeting didn't deliver much beyond rhetoric/jawboning around FX weakness. It remains to be seen if this delivers anything more. The June meeting only provided fleeting support to the yen as well.
  • Yesterday, we saw some step in language from Japan officials (see this link for more details). The broad sell-side consensus is that intervention risks remain fairly low in the near term.
  • USD/JPY is up slightly from post headline lows (143.65 currently, versus a 143.54 low). EUR is creeping higher as well, back above parity, which will be lending some support as well.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.