Plenty of verbal intervention from various Japanese officials. Latest offerings:
MOF’s Noda:
- Stability in forex moves desirable
- Supports view that strong dollar in U.S. interests
- Current forex moves are due to dollar weakness
- Won’t comment on forex intervention
Government spokesman Hirano:
- Watching forex moves carefully
- Watching how yen rise may affect Japan economy
- Discussed yen rise with FinMin Fujii
- Government may be asked to respond to rising yen
From those comments alone, doesn’t sound like Japanese authorties preparing for major intervention at present.
USD/JPY has firmed in early European trade, presently at 86.85 from early 86. 50. The 87.11 level having been important support on way down will now be first level of notable resistance.
