USD/JPY finally breaks through 145.89 resistance to resume up trend to new 24-year high. It’s on track towards 1998 high at 147.68. But there is not clear sign of imminent intervention by Japan yet.
Finance Minister Shunichi Suzuki just repeated that what was important was the speed of forex moves. Japan will closely watch forex moves with a sense of urgency.
Chief Cabinet Secretary Matsuno Hirokazu said echoed that the government is “closely watching FX moves with a high sense of urgency” and will ” take appropriate steps on excess FX moves”.
The message has been consistent that Japan is mindful of fast, one-sided depreciation of yen, rather than the actual rate.
