Earlier remarks from Yellen are here:
Yellen says we are beginning to see some signs of easing pressure in labor market
Yellen has some specific remarks now on the US dollar and FX:
- The dollar is a safe haven so in times of stress we see capital inflows
- I think a market determined value for the dollar is in America's interest
- I think the level of the dollar reflects policies that are appropriate
- I think the currency movements are the logical outcomes of different policy stances
Maybe its just me but I reckon she is giving the green light to keep on buying USD/JPY. USD/JPY is just shy of 145.90, this is where the Bank of Japan last intervened in to buy yen. The jawboning we had out Japan yesterday was weak:
Suzuki didn't hit any key phrases indicating imminent actual intervention:
