Behind Yen move: Intervention will stay in toolbox - Asakawa
|Bloomberg has re-run a story in which Masatsugu Asakawa, vice-minister of finance for international affairs, and senior official in charge of currency policy intervention, said that Yen intervention will stay in toolbox.
Algos may have picked up in the headline, interpreting that intervention will not happen any time soon, and that may have been what caused the aggressive USD/JPY flow.
From the Financial Times: "speaking with Nikkei and the Financial Times on May 16, Mr Asakawa defended Japan’s decision to keep currency intervention in its policy toolbox. “What we need to be conscious of is that excessive volatility and disorderly movements will have an adverse impact on economic stability,” he said."
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