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Apr 13 - 07:55 AM

USD/JPY - COMMENT-Jawboning Alone May Not Stop USD/JPY Reaching 135

By Rob Howard  —  Apr 13 - 05:40 AM

April 13 (Reuters) - The probability of further USD/JPY gains towards 135 will grow if words remain the only pushback from Japanese government officials against yen weakness while "King Dollar" reigns.

Jawboning has been the stock response from Japan's government to yen weakness since USD/JPY vaulted 112 last October.
Japanese Finance Minister Shunichi Suzuki provided the latest example when he said sharp currency moves were "very problematic" after USD/JPY jumped through 126 to a 20-year high on Wednesday. nL3N2WB1MP

If Japan's ministry of finance wants to up the ante, it could order the Bank of Japan to intervene in foreign exchange markets to strengthen the yen.

"USD/JPY intervention? Unlikely this side of 130" was the headline of an ING report published last week (April 7).
ING said the last time the BoJ sold USD/JPY was in June 1998, when USD/JPY was trading at 145.

Related comments: nL2N2W50H3nL2N2VW0JPnL1N2RO0T6nL1N2RG0IT

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Source:
Refinitiv IFR Research/Market Commentary

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