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Sep 03 - 04:55 AM
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USD/JPY - Fall Suggests Yen Buying Has Official Backing
By Jeremy Boulton — Sep 03 - 03:34 AM
• USD/JPY down hard since Wednesday from 160.39 to 156.36
• Follows a period of record intervention to support the yen
• Talk of semi-official institutions buying yen
• It is half-year end this month - possible source of yen buying
• Sustained downside pressure (little/no bounce) suggest bigger drop
• There is a 77% chance BOJ hikes on Sep 18 to support yen
•
USDJPY
(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)
Source:
London Stock Exchange Group | Thomson Reuters