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More official warnings send USD/JPY back from new 2023 high

Earlier this morning the weak Yen dynamic continued to play out. The USD/JPY rose above 149 for the first time this year and posted a new year to date high at 149.19. However, it has fallen back below 149 now following comments from the Japanese finance minister, Shunichi Suzuki who has said the MOF is watching closely the level of the dollar, with great urgency. That has delivered a drop back in the US currency and forced some short term profit-taking for sure. The price is just now edging off that low and it remains to be seen if these latest Jaw-boning comments will have more than a passing impact. The USD/JPY is just now trading at 148.86

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