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Jun 09 - 05:55 AM

USD/JPY - The Yen Is Extremely Weak But So Is USD/JPY

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

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