 Yen is drawing significant attention again today as it plummeted past the crucial 160 mark against Dollar, and hit its lowest level in over 37 years. Market participants are vigilantly watching for any signs of intervention from Japanese authorities, yet no action has been taken so far. It should be emphasized again that the tone from Japanese officials appears less urgent compared to the rhetoric when Yen last approached this level in April. The focus is now on whether Yen will continue to decline towards the next potential intervention point at 165. Last week, the US Treasury added Japan to its foreign exchange monitoring list, alongside China, Vietnam, Taiwan, Malaysia, Singapore, and Germany. This inclusion has sparked speculation that it may complicate Japan's efforts to intervene in the currency market. However, it is essential to note that the US is generally less concerned about Japan propping up Yen's value compared to the cases of capping its appreciation or even pushing it down... |
