Usd/jpy Is Grinding Back Down

Posts : 8759 Join date : 2012-01-25

Usd/jpy Is Grinding Back Down

-USD/JPY is grinding back down from the overnight high of 78.54, in line with general USD direction. The IMF released its annual review of the Japanese economy overnight.
-On JPY, the IMF said "Japan should continue to allow the exchange rate to be market-determined, although intervention could be used to counter volatile or disorderly market conditions".
-Similar comments in mid-June were widely misinterpreted as giving the green light to MoF intervention.

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