You’d never know it from USD/JPY which trades down to session lows of 83.22. The Japanese should be charged with monetary malpractice for not following up important policy shifts with massive intervention. If they are doing it to avoid the wrath of Obama, they are about the only nation on earth who fears a US backlash. China, Korea, Brazil do what they have to do and don’t seem to mind the occasional rebuke or two…
Looks like the MOF remains content to sit on its hands until USD/JPY falls on to the 82 handle.
