Jawbone all you like, says analyst ... its not effective in risk-off environment
He is referring to the Bank of Japan and the Japanese government attempting to talk the yen down
An analyst at Mitsubishi UFJ Trust and Banking, quoted on the Bloomberg:
- Stresses in financial markets are intensifying and boosting the yen
- Japanese policymakers' jawboning against yen strength isn't very effective in this risk-off environment
Hard to argue with him.
Meanwhile, USD/JPY not very bouncy at all from 115: