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Yen Recoups Losses On Verbal Intervention Of Japan's Currency Chief

JPY

The yen has erased earlier losses as Japan's currency czar Kanda voiced concern about "very sudden moves" in the exchange rate and refused to rule out any options in terms of FX responses as the authorities monitor markets with a sense of urgency.

  • Kanda spoke as USD/JPY advanced to Y145.96, approaching its recent cycle high/round figure of Y144.99/145.00. The rate pulled back in response to his comments and last trades flat at Y144.58.
  • The yen's recovery has sapped some strength from the broader USD, with the BBDXY index moving away from a new weekly high of 1,310.

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