Japanese Yen: Intervention credibility questioned – BNY
BNY’s Geoff Yu and David Tam highlight that USD/JPY is grinding higher again after Japan’s recent intervention, with the Japanese Yen (JPY) having already surrendered much of its gains.
BNY’s Geoff Yu and David Tam report that USD/JPY is gaining ground once again following Japan's recent currency intervention. They note that the Japanese Yen (JPY) has already relinquished much of its gains. According to the analysts, if the Yen reaches the 160 level, it would compel the authorities to reconsider their policy. The concern is that if Japan does not follow through with the intervention, it could weaken the credibility of such measures as a policy tool.
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