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Yen Still In Retreat Even As Official Rhetoric On Its Depreciation Grows Firmer

JPY

The yen has largely shrugged off further escalation of attempts to jawbone it off multi-decade lows and remains the worst G10 performer.

  • FinMin Suzuki warned that the yen has been weakening rapidly which sees officials monitor FX markets with a strong sense of vigilance. He added that yen weakness has strong negative aspects in the current climate (emphasis added to highlight newly strengthened rhetoric).
  • These remarks have failed to arrest yen depreciation, with USD/JPY staging another upswing once Suzuki's comments were digested.
  • The rate last sits at Y127.53, up 53 pips on the day. A further rally above the 3.764 proj of the Dec 3 '21 - Jan 4 - 24 price swing at Y127.71 and May 17, 2002 high of Y128.15 would bring the psychologically important Y130.00 figure into view.
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