The yen is falling to fresh lows on the day with USD/JPY now ramping up to 150.75 while EUR/JPY is at its highest since 2008 in a push to 160.80 at the moment. The further drop in the yen comes as Tokyo confirms that it did not intervene in the currency market in October, crushing any speculation that perhaps they are still seen defending the figure level.
With the BOJ itself not doing the yen any favours today, it is best to let things run its course for now. Otherwise, it would be a painful exercise and one with poor planning if Tokyo is indeed looking to try and defend the currency after all the dovish posturing by the central bank earlier in the day.
