Published: 2024-05-02T03:31:00.000Z
USD/JPY flows: BoJ Hit it When It is Weak
FX Analyst
2
Another potential intervention in Asia time when only New Zealand market is opened
Another five figure drop
There is another suspected round of intervention from the BoJ in Asis times when only the NZ market is opened. USD/JPY dropped close to five figures again to 153 and we so far did not see another round of intervention even when USD/JPY has rebounded to 156 figure. Some market chatter suggest BoJ is showing weakness as they looking for maximum pain for speculators with minimum USD reserve spent. From my perspective, if it is an actual intervention, BoJ is showing commitment and sending a strong signal they are against speculative shorts in JPY and are willing to inflict maximum pain, unlike the last intervention in 2022 and the soft rhetoric from Japanese cabinet officials last week.
USD/JPY is trading 0.93% higher at 156.05 with session high at 156.29.