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Yen Firms As Kanda States Watching FX Moves With High Sense Of Urgency

JPY

Headlines have crossed from Japan's currency chief Masato Kanda that the authorities are watching FX moves with a high sense of urgency. It was added that the authorities won't rule out any option if current trends persist. Recent FX moves have been speculative he added.

  • FX moves should reflect fundamentals and move in a stable manner. This rhetoric has been highlighted recently, but the comments above indicate that the level of concern around FX moves has risen.
  • This comes after USD/JPY hit fresh 2023 highs in Tuesday trade.
  • We have moved lower following these comments. A low for the session was reached at 147.40, versus opening levels at 147.72. We are back at 147.45/50 in latest dealings.
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