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

JPY

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.
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