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The Bank of Japan is talking but no one is listening yet-check out the USD/JPY
In noting the rise above 150 since yesterday and the push closer to the 151 handle, there have been a couple of comments from Japanese officials on the exchange rate today. Those amount to the same level of jaw-boning as usual. The Japanese finance minister, Shunichi Suzuki has stated; that the authorities are watching the USD/JPY with a great sense of urgency. He will not comment on FX levels, but states the BOJ stands ready 24/7. Well, so far the USD/JPY is pretty unfazed by this rhetoric and as usual the market may want to test their resolve and see if they are going to draw a line in the sand again ahead of 152.00. That remains to be seen, but of course on the one hand the BOJ does not want to raises interest rates to counter a weaker currency. On the other hand they do not want the USD/JPY falling out of bed, for reasons which I hope are pretty obvious- they own over a Trillion of them and it has been remarkably profitable for them too. The USD/JPY is currently trading at 150.53
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