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Oct 12 - 10:55 AM

JPY: If The Pace Of JPY Sell-Off Was To Accelerate, We'd Fully Expect Another Intervention Round - MUFG

By eFXdata  —  Oct 12 - 10:06 AM

MUFG Research discusses the scope for further JPY intervention as USD/JPY reaches another cycle high.

Last night’s move for USD/JPY above the 146.00-level signals that the Japanese authorities are not concerned about defending particular levels. The Japanese authorities intervened on 22nd September at just below the 146.00-level, and have not repeated it on this occasion," MUFG notes.

"The pace of the yen sell-off is more important. USD/JPY has been moving higher at a more gradual pace in recent weeks which is more tolerable for the Japanese authorities. If the pace of the yen sell-off was to accelerate, then we fully expect the Japanese authorities to quickly step back into the market to support the yen," MUFG adds. 

Source:
MUFG Research/Market Commentary

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