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JPY Daily News
BOJ Intervention Not Enough to Halt JPY Ascent
The Japanese yen (JPY) was seen moving moderately bearish throughout the day following a move by the Bank of Japan (BOJ) to intervene in the forex market to drive its national currency lower against its primary rivals. The move came as the yen surged beyond previous intervention levels on heightened risk aversion in the global economy due to debt fears in Europe and the United States. The BOJ tends to resist an overly strengthened yen for the gouging effect it has on Japanese exports.
Weakening commodity prices, however, are helping offset the losses from an overly powerful yen, as is the general sentiment that the JPY acts as a solid store of value in times of uncertainty. Given reports that Italy may default in the near future, and that Spain may also follow suit, a period of heightened risk aversion appears inevitable. The JPY, therefore, is positioned to continue gaining despite attempts by the BOJ to prevent such an occurrence. It will be worth watching to see if the BOJ intervenes a second time in the days ahead.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 08/05 | ||||||||
| 02:30 | JPY |  Monetary Policy Statement | * | * | * |  | ||
| 02:30 | JPY | Overnight Call Rate | <0.10% | <0.10% | - | | ||
| 06:00 | JPY | Leading Indicators | 99.6% | * | 103.2% |  | ||
| 06:00 | JPY | BoJ Press Conference | * | * | * | | ||
