Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.