As the USD/JPY breaks above 149.00 with US Treasury yields in control, the minister of finance cautions about excessive moves.
The recent moves in USD/JPY have caused Shunichi Suzuki, the Japanese Finance Minister, to caution about the possible intervention to calm excessive moves in the FX market.
Suzuki mentioned that the authorities are carefully observing the market moves and are ready to respond appropriately to reduce excessive volatility at any time.
The BoJ intervened in the market last month, selling USD/JPY; however, their actions didn’t help the ongoing weakness in the pair. Considering the psychological level of 150 within touching distance and the yield spread among the two currencies further widening, the markets might test the Finance Minister’s resolve soon.
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