By Jeremy Boulton — Jun 09 - 04:40 AM
Japan's yen may have fallen into uncharted territory nL1N2XW0GU
After a dramatic plunge between 1970 and 2011 USD/JPY remains very weak
The target for a minor correction of that decline is 183.61
Target for a minor correction of losses since Plaza Accord is 147.08
This is problem if BOJ hope to involve U.S. in any plan to curb yen's drop
A plan to curb yen is problem for BOJ it pursues super-easy policy
If U.S. Treasury approved intervention, Fed would have a problem
U.S. intervention with Fed just starting tighten seems unlikely
Even more unlikely given dollar is so weak vs JPY
USD retracements Plaza Accord Click here
USDJPY since 1970 Click here
Source:
Refinitiv IFR Research/Market Commentary