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Former Japan’s Top FX Diplomat: Tokyo Unlikely to Intervene to Stem Yen Rises
Naoyuki Shinohara, an ex-IMF deputy chief and formerly Japan's top
currency diplomat crossed the wires last minutes, noting that the
Japanese government intervention is unlikely in the fx market to curb a
stronger yen.
Key Quotes:
Tokyo unlikely to intervene in market to stem yen rises
Conducting solo yen-selling intervention now would be ineffective, unlikely to gain G7 consent
Hard to change with FX intervention current dollar/yen declining trend, which reflects fundamentals
Hard to find any factors justifying yen-selling intervention
It's clear yen isn't extremely strong on a real, effective basis
(Market News Provided by FXstreet)