The headlines from the MOF statement are hitting Reuters and the market is focusing on the first headline, namely that there is no explicit mention of intervention in the MOF statement. USD/JPY has fallen 20 pips immediately.

  • Will ask major financial firms to report on FX positions held by dealers
  • Credit facility will make use of USD in FX reserves to promote foreign acquisitions and energy/resource procurements
  • Emergency credit facility worth USD100 billion to help firms cope with Yen rise