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USD/JPY Retraces Kanda Induced Dip

JPY

USD/JPY has recovered from its intra-day lows. From 147.37 the pair has climbed back to fresh highs of 147.82. We sit slightly lower in latest dealings, near 147.75, little changed from NY closing levels on Tuesday.

  • The earlier dip came after Japan's Currency Chief Kanda stepped up the verbal rhetoric around FX. He stated that no options would be ruled out if current FX moves continue.
  • Yen is outperforming higher beta FX at the margins, with AUD off 0.10% and NZD weaker by 0.20% at this stage.

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