The yen was sold in reaction to the Moody’s rating cut, with USD/JPY extending into the 76.85 price zone, the pair met with heavy selling interest at those session highs and has fallen sharply to levels below its starting price.
USD/JPY fell briefly to 76.52 after Japan’s MOF announced measures to cope with the strong JPY, from 76.75 before the announcement, as investors were disappointed that there was no explicit mention of intervention. “When the MOF said that finance minister will say something about steps against the strong yen, we had something more aggressive in mind,” says a senior dealer at a major Japanese bank.
By
M.Zohaib Gadit
USD/JPY fell briefly to 76.52 after Japan’s MOF announced measures to cope with the strong JPY, from 76.75 before the announcement, as investors were disappointed that there was no explicit mention of intervention. “When the MOF said that finance minister will say something about steps against the strong yen, we had something more aggressive in mind,” says a senior dealer at a major Japanese bank.
By
M.Zohaib Gadit
No comments:
Post a Comment
Feel free to comment.