Japan Top FX Diplomat Kanda: Recent Yen moves are rapid

Anil Panchal FXStreet

“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.

Also read: Weekend News: Russia, China and SNB’s Jordan were in focus

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD drops to daily lows near 1.1630

EUR/USD now loses some traction and slips back to the area of daily lows around 1.1630 on the back of a mild bounce in the US Dollar. Fresh US data, including the September PCE inflation numbers and the latest read on December consumer sentiment, didn’t really move the needle, so the pair is still on course to finish the week with a respectable gain.

GBP/USD trims gains, recedes toward 1.3320

GBP/USD is struggling to keep its daily advance, coming under fresh pressure and retreating to the 1.3320 zone following a mild bullish attempt in the Greenback. Even though US consumer sentiment surprised to the upside, the US Dollar isn’t getting much love, as traders are far more interested in what the Fed will say next week.

Gold makes a U-turn, back to $4,200

Gold is now losing the grip and receding to the key $4,200 region per troy ounce following some signs of life in the Greenback and a marked bounce in US Treasury yields across the board. The positive outlook for the precious metal, however, remains underpinned by steady bets for extra easing by the Fed.