Fragile yen cowers near 150 as intervention chatter runs rife
© Reuters. FILE PHOTO: Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/File Photo
"Them stepping in here would be perfectly consistent with recent warnings from top officials and past behaviour," said James Malcolm, head of FX strategy at UBS. Japanese Finance Minister Shunichi Suzuki said on Wednesday that authorities will take appropriate steps against excessive moves in the yen"without ruling out any options".
"Given that an intervention is basically 'buying time', I think the Ministry of Finance is waiting for the most critical moment," said Norihiro Yamaguchi, senior Japan economist at Oxford Economics, who did not see Tuesday's move as likely due to intervention.In the broader currency market, the dollar stayed on the front foot following upbeat data on Tuesday showing U.S.
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