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USD/JPY largely unfazed by MOF intervention data

A short while ago the Japanese Ministry of Finance (MOF) released data on the amount of currency intervention they conducted between April 26 and May 29. This amounted to Yen 9.788 trillion, which in dollar terms is approximately $63 billion, based on a mid rate of around 155 over the period. To be honest that is more than previously thought here, but it does not seem to have surprised the markets at all the USD/JPY seems unfazed by this news. However, it does seem to have stalled the USD/JPY on the topside above 157.35 for the time being. It may now rest with the US PCE data and reaction in the US bond markets to that, as to where the dollar heads to from now ahead of the weekend. The USD/JPY is currently trading at 157.27

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