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Nomura say that if the yen comes under pressure next week after the election japanese authorities could step in with intervention efforts to support the currency.
The first step is verbal intervention. We’ve had some weak comments along these lines already from Japan this week, and some comments just a little less weak. Links to two examples from Thursday (Japan time) are here:
Nomurs, in brief:
USD/JPY is off its high from Wednesday:
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If you are curious about the mechanics of intervention and why you should be watching the MoF instead of the BOJ:
This article was written by Eamonn Sheridan at www.forexlive.com.
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