Highlights of the IMF external sector report

  • Yen gains have moved currency toward fair value
  • Global coordination warranted on growth, not FX rates
  • Yuan in line with fundamentals despite depreciation
  • Swiss franc moderately overvalued
  • Brexit likely to lower pound's equilibrium exchange rate
  • Global FX rates "not so out of whack"

Sounds like Japan has a bit of cover here if officials want to act.