The pressure is on the Japanese government to intervene as the yen slides past the key level of 150 to the dollar
After the yen's first break beyond the symbolic mark since 1990, top currency diplomat Masato Kanda told reporters that authorities were "always ready to take necessary action as excessive volatility has become increasingly unacceptable."
Japanese Finance Minister Shunichi Suzuki also told reporters after the yen's latest slide that he will "take decisive action" against excessive, sharp yen moves. "It's a big psychological level that could trigger intervention ... people have been anticipating intervention for a while," Moh Siong Sum, currency strategist at Bank of Singapore, said of the 150 to the dollar threshold.Banknotes of Japanese yen are seen in this illustration picture taken September 23, 2022. REUTERS/Florence Lo/Illustration/File Photo"People are going to look over their shoulders for a while and see whether there's any action or not.
The Ministry of Finance's dollar-selling, yen-buying intervention last month was the first time authorities had acted in the markets to prop up the yen since 1998. "With the Fed still in tightening mode and interest rates certain to be raised further, versus the BoJ continuing to pursue a completely opposite ultra loose monetary policy ... the dollar was always going to continue its appreciation against the yen," said Stuart Cole, head macro economist at Equiti Capital in London.
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