It’s early days in the MOF intervention game and way too soon to say they’ve won. Even the Japanese authorities admit that…
To my mind, the way will will know they are having an impact on psychology is when Japanese exporters who have sold dollars to hedge exposures at lower levels feel comfortable buying back their hedges and wait for higher levels to reset them. We are a long way from that just yet.
USD/JPY trades now at 85.62.
