Verbal intervention attempt from Suzuki. Not too much here to frighten traders too much:

  • Don't have a 'defence line' in dealing with FX moves
  • won't rule out any steps to respond to disorderly FX moves
  • closely watching FX moves with a high sense of urgency


By 'defence line' he means a level for USD/JPY that will trigger intervention.

Suzuki can't really nominate a firm level. If he does in no time at all traders will take the rate there to test out his resolve. If he does intervene the dip will be bought for another try. If he doesn't intervene his threats will be hollow.

A one-way street:

usdyen intervention verbal 29 September 2023