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USD/JPY drops back from above 161 after changes at the MOF spark fresh dollar gains
Earlier today the USD/JPY rose to another post 1986 record high, ay 161.27. The dollar had closed in the US last night at 160.76. The reason for the further push higher today was surely due to the top Japanese currency diplomat at the MOF, Kanda being replaced with Atsushi Mimura. This news was not well greeted by the Yen and there have been other changes higher up the food chain at the MOF today. The reason for this is not yet clear here, but if and when it becomes so there will be more detail to come. Meantime, the dollar has now backed off from that earlier high and right now trading below 161 again, currently at 160.97
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