Japanese finance minister, Shunichi Suzuki escalated the language used to address recent, unfavourable moves in the yen. The same rhetoric used before prior FX intervention
The last time authorities intervened in the FX market was October 21st, 2022, where the Bank was instructed to sell a large quantity of dollars in exchange for yen in an effort to strengthen the local currency. Previously, the words ‘decisive steps’ appeared on October 3rd 2022 when USD/JPY reached 145.00 but the yen was allowed to rise another 700 pips before action was ultimately taken.
Long trades from here are fraught with risk and do not offer up an acceptable risk/reward profile. Should intervention, or any effective warning of intervention, result in a stronger yen, levels of note to the downside include 150 and 146.50.USD/JPY is one of the most liquid FX pairs and carries significance from a global trade and interest rate perspective.
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