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Jun 08 - 02:55 PM

JPY: New Day, New Lows; Increased Speculation On Japan Intervention To Slow The Move - MUFG

By eFXdata  —  Jun 08 - 01:30 PM

MUFG Research discusses the JPY outlook and flags a scope for increased speculation on Japan intervention.

"The speed of the move in yen depreciation is certainly now on a par with what we had during much of March and April and at higher levels there will be inevitable increased speculation on Japan intervention to at least slow the move," MUFG notes. 

"Governor Kuroda did say today that rapid yen selling is “undesirable” but it would be difficult at this juncture for the MoF to justify yen buying intervention given the actions of the BoJ. If US yields remain underpinned over the short-term yen selling momentum will likely persist," MUFG adds. 

Source:
MUFG Research/Market Commentary

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