Japan intervenes in currency market amid yen's fall: official

[TrAndy2022]

Japan intervenes in currency market amid yen's fall: official
September 22, 2022 (Mainichi Japan)

TOKYO (Kyodo) -- Japan on Thursday stepped into the currency market amid the yen's abrupt fall, a senior Finance Ministry official said, in its first such intervention since 1998.

The yen-buying, dollar-selling operation was conducted after Japanese authorities said all options were on the table in their response to the yen's rapid depreciation to levels unseen over the past 24 years.

 

[earth_imperator]

Japan again screwed by the US, much like in the early 90ies I think...
See also https://en.wikipedia.org/wiki/Black_Monday_(1987)#Japan

Are these the signs of a new world finance crisis?...
Can only be bigger than the last one of the 2008, IMHO
This is the diploma for the world leaders, for their incompetency

"
Yen’s 24% Plunge Is Crisis Warning World Can’t Ignore
William Pesek, Senior Contributor, Sep 13, 2022,05:00am EDT
[...]
"

 

[SunTrader]

Just a pause on the way to 150.

 

[maxinger]

Yen, Aud, Gbp, Euro .... all falling.

Does only Japan intervene in the currency market?

 

[blueraincap]

their so-called bold action only moved JPY up by 2%, it only emboldens the shorts

 

[BeautifulStranger]

their so-called bold action only moved JPY up by 2%, it only emboldens the shorts

Agreed. Why bother intervening if the JPY is at a -400 basis point yield differential (Comparing the 2 year) to USD while several other of their major trading partners are also raising rates? Then again, perhaps Japan may be laying the foundation for tightening. Even if that were the case, Japan has a large amount of ground to make up in the yield differential arena.

 

[blueraincap]

Agreed. Why bother intervening if the JPY is at a -400 basis point yield differential (Comparing the 2 year) to USD while several other of their major trading partners are also raising rates? Then again, perhaps Japan may be laying the foundation for tightening. Even if that were the case, Japan has a large amount of ground to make up in the yield differential arena.

BOJ saying bullshits, MoF intervening to withdraw JPY liquidity to counter the BOJ, all that moved JPY up by just a wee after a brutal year. Stupid Japan shits, useless undecisive guys, typical of Japan, sinking ship, short that stupid currency.

 

[TrAndy2022]

Typically an intervention move is about 3%, so the low of 140.35 could be already reached here. Usually it is good point to look for reversals and going long USDJPY from here. One could have various Takeprofits to secure than gains here. Those intervention moves are mostly shortlasted. There is usually always kind of reversal then taking place. So watch out.

 

[SunTrader]

Think ship sailed already:-

ABCDE maybe megaphone or expanding wedge pattern although that is not my thing.

 

[M.W.]

I suffered an unrealized loss in my long dollar/yen positions today but I am holding on, I do not believe interventions will stem the tide to the upside until BOJ changes its stance on inflation and benchmark rates. I would welcome slower moves back to 145 then 147/150 levels...

I would exit the moment I hear the slightest change of rhetoric in regards to inflation from BOJ...