We
had plenty of comments crossing the news wires from both Japan’s
finance minister Suzuki and Bank of Japan Governor Ueda during the
Tokyo morning but neither of them managed to give much support to the
yen. The counter factual is that JPY would have fallen faster without
them, but here in the real world the currency slid again regardless. USD/JPY
rose to highs above 155.20.
Ueda did say the BOJ won’t necessarily wait until inflation achieves their forecasts in 1.5 to 2 years to raise interest rates. This didn’t (yet), but likely should, raise a few concerns amongst yen shorts.
The
yen wasn’t alone in dropping against the US dollar, though. EUR,
GBP, AUD, NZD and the hapless CAD are all lower against the big
dollar. There was no fresh news as a catalyst, nor data (the data
agenda was blank today), so just a continuation of the strength the
dollar showed on Tuesday.
Bank
of Japan Governor Ueda is scheduled to speak again today, at 0830
GMT.
USD/JPY update:
Read More: ForexLive Asia-Pacific FX news wrap: USD/JPY back above 155.00