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Oct 24 - 04:55 PM

USD/JPY's Rapid Recovery From Suspected Interventions Kept In Check Below 150

By Content Admin  —  Oct 24 - 02:35 PM
  • Friday's 151.94-144.50 dive bought. Monday's dip was 149.70-145.38 on EBS

  • There appeared to offers in the 149.00-50 range after the dip to 148.28

  • Suspicion is Japan's MoF is capping, keeping carry traders off balance

  • Tsy yields higher as S&P PMI miss also had inflationary price data

  • And if MoF is intervening, they would be selling Treasurys, lifting yields

  • BoJ meet Friday not seen tightening, but tiny rate hikes seen by late 2023

  • Unless intervention threat recedes, new 32-yr highs may wait nL1N31P16G

  • Yields on either side of BoJ's 10-year JGB YCC cap are on the rise

  • Problem is Japan's enormous debt is untenable if yields rate too high

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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