Japan verbal intervention to support the yen – Fin Min Kato will take action

Japan finance minister Kato:

• Won’t comment on forex levels.
• Recently seeing one-sided, rapid moves.
• Important for currencies to move in a stable manner reflecting fundamentals.
• Alarmed over FX moves, including those driven by speculators.
• Will take appropriate action against excessive moves.

I bolded some of those words, these are the signals used to convey concern is at a higher than usual level.

USD/JPY hasn’t dropped too much:

We knew this sort of commentary was coming. Was sooner than I expected TBH:

• USD/JPY above 158.40 – when do we get intervention remarks from authorities?

This article was written by Eamonn Sheridan at www.forexlive.com.