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Nov 21 - 07:55 AM

USD/JPY - COMMENT-A Week Is A Long Time In Politics, And In USD/JPY Too

By Rob Howard  —  Nov 21 - 05:40 AM

Nov 21 (Reuters) - Market forces over the past seven days have spared Japan's authorities the dilemma of whether they should intervene in the foreign exchange market for the first time in over a year to strengthen the yen.

Japanese authorities will be grateful that the yen's foreign exchange force is currently strong, a week after USD/JPY looked like it might vault 152 for the first time since 1990.

The threat to 152 preceded softer than expected U.S. inflation data for October - which turned the dollar worm, resulting in the market doing what Japan thought it might have to.

USD/JPY fell to its lowest level since mid-September on Tuesday, with 147.16 marking the EBS low.

FX intervention from Japan (buying yen) helped turn the USD/JPY tide when it threatened 152 in October 2022, with its decline basing near 127 in January.

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Refinitiv IFR Research/Market Commentary


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