Japan Top FX Diplomat Kanda: Recent Yen moves are rapid
|“FX should move stably reflecting fundamentals,” Japan’s top currency diplomat Masato Kanda said on Monday per Reuters.
Additional comments from Kanda
Will respond to fx moves if moves become excessive.
Will not rule out any options when asked about intervention.
We are focusing on fx moves rather than levels.
USD/JPY retreats from yearly top
The news flags expectations of Japan’s market intervention and join the weekend news to prod USD/JPY bulls at the highest levels since November 2022, mildly offered near 143.55-60 at the latest. The Yen traders, however, remain cautious ahead of the Bank of Japan (BoJ) Summary of Opinions amid concerns of the Japanese central bank’s exit from the ultra-easy monetary policy.
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