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Oct 11 - 09:55 AM

USD/JPY: MoF Can Intervene Even While Airborne - Credit Agricole

By eFXdata  —  Oct 11 - 08:56 AM

Credit Agricole CIB Research discusses the scope of further JPY intervention.

'USD/JPY continues to creep towards its pre-intervention highs even as warnings of intervention continue. Japan’s Vice Finance Minister of International Affairs, Masato Kanda, said he could intervene anytime, even while airborne and while on the way to the G20 Finance Minister and Central Bankers’ meeting in Washington. Japan’s Finance Minister Shun’ichi Suzuki also said he had gained an understanding from the US during the intervention last month. We note that understanding is not the same as an agreement or participation and that Japan is still unilaterally intervening, which makes its intervention less effective, especially while it conflicts with the BoJ’s ultra-loose monetary policy," CACIB notes. 

"We continue to think the big test for MoF’s defence of the JPY this week would be if there were a strong US CPI print. We also continue to think USD/JPY can test 147 before year-end," CACIB adds. 

Crédit Agricole Research/Market Commentary


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