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Yen Steady, FinMin Reiterates FX Rhetoric

JPY

USD/JPY is relatively steady in early Friday trade. The pair was last just under Thursday end levels in NY, in the 149.25/30 region.

  • Comments have crossed the wires from FinMin Suzuki. The familiar rhetoric on FX has been repeated - FX markets should move stably, reflect fundamentals and the authorities will watch FX markets closely (BBG).
  • These are the first comments Suzuki has made since Jan 19 of this year. At that stage USD/JPY was sub 149.00 but had risen quickly in prior sessions.
  • The recent gains in USD/JPY haven't been as strong, but we obviously at higher levels relative to Jan 19. 149.75 High Nov 22 is the next upside target.

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