Japan’s finance Minister Suzuki held bilateral meetings with us Treasury Secretary Yellen. At the meeting the two leaders:
- agreed to communicate closely on FX
- Discussed Ukraine a MDB and global taxation.
- Will respond appropriately to excessive FX moves
Needless to say the USDJPY rise may be attracting some attention from Japan officials as it trades at the highest level in over 30 years. The good news is that the lower JPY makes Japan good abroad more affordable, but increases cost of imports.
The USDJPY is trading at 154.356. The rising 100-day moving average is now at 153.97. The 38.2% retracement of the move up from last Friday’s low comes in at 153.94. The price would need to go below those levels to give the sellers more confidence going forward.