UBS on the yen: “Looks like intervention”, if it was its unlikely to have a lasting impact

ICYMI, check out the rundown and links in these:

ForexLive European FX news wrap: Japan steps in to support the yen currencyForexlive Americas FX news wrap: USD/JPY drops again

Remarks from UBS on JPY:

“It looks like intervention but it looks like less intervention than in the two episodes in 2022 because the market is super thin today, in Japan time especially”

(It was a holiday in Japan on Monday)

“It is quite likely that they will continue to intervene”the MoF/BoJ will vary the amounts they sold in interventionthey’ll also mix up the times of day they’ll interveneflows in USD/JPY were higher by a factor of five compared to average daily volumesunless the Bank of Japan shifts policy USD/JPY is likely to head higher stillintervention is not likely to have a lasting impact

What a day!

This article was written by Eamonn Sheridan at www.forexlive.com.