Hard to believe, but the market is taking at face value comments from the MOF’s Azumi’s comments that the G7 said they will cooperate to counter extreme FX moves.
Keep in mind, recent FX interventions by the BOJ have not carried the G7 stamp of approval. In fact, they were condemned, to that extent that the G7 condemns solo intervention…
Wait for confirmation from another G7 member before jumping on the USD/JPY band wagon.
