USD/JPY is down, just above 150.00 as I update.
Atsushi Mimura is Japan’s vice finance minister for international affairs, AKA ‘top currency diplomat’.
Japan’s finance ministry is the relevant authority in Japan for ordering intervention in the JPY. Mimura has taken over from Kanda in charge of the relevant department, so it’s him who would be directing Bank of Japan intervention, should it come to that.
Says:
- recent yen moves are somewhat rapid and one-sided
- closely watching FX moves with a high sense of urgency
- excess volatility in FX market is undesirable
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The use of rapid, one-sided, excess volatility … these are keywords and a step above from ‘watching closely’ sort of remarks. Japan worked hard to get the yen to strengthen after it traded above 160, officials there won’t be keen on it above 150.
Its not as if 150 is some sort of significant economic point, its just a nice big fat round number.
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Atsushi Mimura