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Yen Firms On Kanda Comments

JPY

Yen has strengthened on the back of comments from Japan's top currency diplomat Kanda, the pair last near 151.35. Lows for the session printed at 151.17, while opening levels were closer to 151.70.

  • Kanda has stated that some FX moves are not in line with fundamentals and that the authorities stand ready to intervene. Speculative moves appeared to be playing the biggest factor. He added the sense of urgency is heightened now and the situation is beocming more tense (RTRS and BBG). These comments appear to be a step up in rhetoric versus earlier comments.
  • Earlier we had comments from FinMin Suzuki, which didn't impact sentiment.

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