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USD/JPY Making Fresh Lows Post Official Comments

JPY

USD/JPY is making fresh lows sub 143.30 after a wave of comments from Japan officials around FX. We are now sub overnight lows (last 143.25). The comments didn't appear to deviate from what has already been said but may be encouraging the market to trim longs in the pair. Of course, the yen is getting help from softer USD sentiment today. EUR/USD is close to 1.0080, while AUD/USD is at 0.6820, nearly +1.00% for the session.

  • BoJ Governor Kuroda stated that yen moving 2 to 3 big figures per day is very sudden. Reiterating from an official standpoint that levels as well as the pace of moves matters.
  • Earlier though, FM Suzuki stated that FX moves are deviating slightly from fundamentals. Presumably we would need to see 'significant' deviation in the eyes of the authorities to warrant intervention.
  • Suzuki added all options remain on the table, which has already been stated.
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