JPY Daily News

First Sign of Life in USD/JPY after Intervention

Yesterday during the New York trading session we had the first movement in USD/JPY following Monday's intervention. The USD/JPY fell to a low of 77.60. This level also happens to be the post intervention low. Up until this afternoon the USD/JPY was trading in a tight 20 pip range.

The drop in the pair is one sign the most recent attempt by the Ministry of Finance (MOF) to weaken the JPY has failed. The slow grind lower in the pair may continue until the next quarter when Japanese exporters and corporations need to change their dollars for earning season and the Japanese will intervene once again. Perhaps the MOF should take a page from the playbook of the SNB who chose to weaken the CHF in the FX swaps and forward markets rather than the spot market.

Current Time: 05/27 01:09 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
11/09
	05:00	JPY	Economy Watchers Sentiment		45.3	46.7	45.9
	23:50	JPY	Core Machinery Orders		11.0%	-7.2%	-
	23:50	JPY	M2 Money Stock	y/y	2.7%	2.7%	-