As the USD/JPY neared 146 points, Japan’s Ministry of Finance (MoF) has mandated the Bank of Japan (BoJ) to step in to support the yen. Economists at Scotiabank, however, believe that the JPY will remain weak.
Japan’s Ministry of Finance thinks that the BoJ will have to keep at it and has very deep pockets and can vary its tactics. So, there is, in effect, a line in the sand for USD/JPY presently at the 146 points that markets probably challenge to test the BoJ’s resolve, and they must be ready to spend billions (USD) to hold.
The different monetary policy settings between the US and Japan are the main issue that has caused a sharp slide in the JPY since the Fed started becoming severe about increasing interest rates in the spring.
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