The yen surge and the Minister's verbal intervention

Author: Eamonn Sheridan | Category: News

Yesterday we got Japan's vice finance minister for international affairs with an attempt to jawbone the yen

Kyodo news reported Masatsugu Asakawa voiced concerns about the Japanese yen movement, saying that he is watching closely whether or not the "recent yen rises are speculative".

Just an ICYMI and also a heads up to expect more along these lines today out of Japan given the overnight movement in yen crosses

From an overnight bank note (Scotia) ... and they won't be the only bank to have noted this:
  • JPY has rallied to a fresh multi-month high at levels last (briefly) seen in September, prompting a verbal intervention from Japan's Vice Minister for International Affairs Asakawa who said he was 'closely watching' movement in the currency.

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