USD/JPY: Japan’s Worst Monthly Trade Deficit, FX Intervention

 

FX INTERVENTION OR PERSONNEL FROM JAPAN CONTINUED TO “JAWBON”?

Strategist Nick Cawley emphasized an increased sense of urgency from Tokyo regarding unwelcome volatility in the foreign exchange markets in yesterday’s Japanese Yen report. Additionally, Reuters claimed that the Bank of Japan conducted “checks” in the currency market, citing a market source, suggesting that FX intervention may be in the works. After Chief Cabinet Secretary Matsuno declined to comment when questioned about the check, more rumour started to circulate.

Keep in mind that before Japan can directly intervene in the FX market, it needs the G7 nations’ approval and, more importantly, the United States’ consent. The U.S. has benefited from a stronger dollar by having more purchasing power, so it might not be ready to see its value fall just yet. The Fed’s persistence in escalating rate hikes also contributes to a stronger dollar as bond yields rise, making intervention less effective.

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