Japanese Yen trades marginally higher amid intervention fears

The Japanese Yen edges up against its peers amid fears of Japan’s intervention.
Japan’s Katayama said that the government will respond appropriately to currency moves at any time as needed.
Investors await key US data and Fed Warsh’s speech.

Sagar Dua FXStreet

The Japanese Yen (JPY) trades slightly higher against a majority of its currency peers, but edges lower to near 162.66 against the US Dollar (USD) during the European trading session on Wednesday. The Japanese currency ticks higher amid fears that the Japanese administration could intervene to support the domestic currency.

Japanese Yen Price Today

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Australian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.20%	0.08%	0.05%	0.16%	0.36%	-0.00%	0.15%
EUR	-0.20%		-0.12%	-0.15%	-0.03%	0.18%	-0.22%	-0.04%
GBP	-0.08%	0.12%		-0.04%	0.08%	0.28%	-0.11%	0.10%
JPY	-0.05%	0.15%	0.04%		0.10%	0.33%	-0.08%	0.12%
CAD	-0.16%	0.03%	-0.08%	-0.10%		0.21%	-0.20%	0.00%
AUD	-0.36%	-0.18%	-0.28%	-0.33%	-0.21%		-0.41%	-0.20%
NZD	0.00%	0.22%	0.11%	0.08%	0.20%	0.41%		0.20%
CHF	-0.15%	0.04%	-0.10%	-0.12%	-0.01%	0.20%	-0.20%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

On Tuesday, Japan’s Finance Minister (FM) Satsuki Katayama said that her government “will respond appropriately to currency moves at any time as needed”. However, Katayama declined to comment on specific FX levels.

Meanwhile, the absence of dovish comments in the scheduled press conference by newly appointed Bank of Japan (BoJ) board member Ayano Sato on Tuesday has also supported the Japanese Yen. On Tuesday, Sato didn’t deliver any remarks regarding the interest rate outlook, but stated that “firms are more actively raising wages and prices so impact of weak the Japanese Yen on inflation may be bigger than in past”. Sato added, “Monetary policy should focus on inflation, while fiscal policy should focus on addressing impact on households, firms.”

In the European trade, the US Dollar trades higher due to rising United States (US) Treasury Yields. At press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.2% higher to near 101.36.

In Wednesday’s session, investors will focus on the US ADP Employment Change and the ISM Manufacturing PMI data for June, and Federal Reserve (Fed) Chair Kevin Warsh’s speech during the North American session.

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