USD/JPY hit an 11-month high above 149.15 on Tuesday. Kashkari added fuel to the monetary policy divergence fire between the Federal Reserve and Bank of Japan with his comments:
If it wasn’t for the worry over Bank of Japan intervention USD/JPY would have gone higher on his remarks. The 150 figure is my guess, could have been more.
I wonder if we’ll get some yen-supportive items in today’s minutes (July meeting) due from the BOJ?