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Former Japan’s top fx diplomat: Tokyo unlikely to intervene to stem yen rises

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Naoyuki Shinohara, an ex-IMF deputy chief and formerly Japan's top currency diplomat crossed the wires last minutes, noting that the Japanese government intervention is unlikely in the fx market to curb a stronger yen.

    Key Quotes:

    Tokyo unlikely to intervene in market to stem yen rises

    Conducting solo yen-selling intervention now would be ineffective, unlikely to gain G7 consent

    Hard to change with FX intervention current dollar/yen declining trend, which reflects fundamentals

    Hard to find any factors justifying yen-selling intervention

    It's clear yen isn't extremely strong on a real, effective basis
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