Eisuke Sakakibara, the man who in the 90s earned the moniker Mr. Yen for his ability to move markets when he was the top forex official at the MOF is back in the news. Sakikibara is an adviser to the new DDJ government and tells Dow Jones that the government would not be concerned by a move below 90 yen but might consider action if it fell below 85 yen.
The comments were enough to knockout the 90.00 barriers before USD/JPY steadied.
The amazing thing about the forex market is it’s willingness to take on a challenge. Sakakibara has essentially challenged it so test the nerve of a inexperienced government by hanging a read flag on the 85.00 level. Let the games begin.
