{"id":28391,"date":"2023-06-27T21:32:57","date_gmt":"2023-06-28T01:32:57","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/japanese-intervention-in-focus-as-yen-heads-to-145-level\/"},"modified":"2023-06-27T21:32:58","modified_gmt":"2023-06-28T01:32:58","slug":"japanese-intervention-in-focus-as-yen-heads-to-145-level","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=28391","title":{"rendered":"Japanese intervention in focus as yen heads to 145 level"},"content":{"rendered":"
\n

Investing.com– The steadied after a series of steep declines on Wednesday, as traders awaited fresh intervention in currency markets by the government to support the weakened currency.<\/p>\n

A mix of increased risk appetite and bets on more U.S. interest rate hikes battered the yen in recent weeks. This was exacerbated by a consistently dovish outlook from the Bank of Japan on maintaining its ultra-loose monetary policy in the near-term.<\/p>\n

The yen was trading around 143.88 to the dollar in morning trade on Wednesday- its weakest level since early-November. Recent weakness in the yen drew warnings from Japanese officials on potentially corrective measures.\u00a0<\/p>\n

Finance Minister Shunichi Suzuki said that he would \u201crespond appropriately\u201d to stem further weakness in the currency- a warning that was somewhat reiterated by Vice Finance Minister for International Affairs Masato Kanda.\u00a0<\/p>\n

Kanda had also led intervention in the yen last October, when the currency plummeted to a 32-year low of near 152 to the dollar. The government had intervened on three separate occasions between September and October, selling a record $48 billion to prop up the yen.<\/p>\n

But analysts expect intervention to occur sooner this time, amid verbal warnings from top currency officials.<\/p>\n

\u201cThe move up in core yields alongside improvement in risk appetite are supporting a weaker JPY given the BoJ ultra-easy policy. We are now approaching FX intervention territory with the market bracing for a (Ministry of Finance) announcement as and when USD\/JPY climbs above \u00a5145,\u201d analysts at National Australia Bank wrote in a note.\u00a0<\/p>\n

While a weaker yen benefits export-driven industries, it also ramps up the cost of imports and in turn boosts Japanese inflation. A core reading hit a 42-year high in May, data showed last week, indicating that underlying Japanese inflation remains high.<\/p>\n

A widening gulf between U.S. and Japanese interest rates is the key source of pressure on the yen, especially after the Federal Reserve this year.<\/p>\n

In contrast, the BOJ in a meeting earlier this month, and signaled no immediate plans to alter its yield curve control measures.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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