Incessant yen weakness seems to have finally snapped the patience of the Japanese authorities as it looks as if the Bank of Japan intervened on behalf of the Ministry of...
Sooner or later, it looks as if Japanese policymakers could intervene in the FX market by using a three-step process.
The Japanese Ministry of Finance and the Bank of Japan (BoJ) seem to be readying themselves for currency intervention as the yen hits its lowest level in 34-years...
The Bank of Japan lifted the short-term policy rate for the first time in seventeen years last week but the yen still languishes close to its weakest level against...
Last week, we saw the third attempt by US dollar/yen to really break through the 150 level that has proved an insurmountable barrier twice before since October 2022.
BoJ could intervene again, but the situation for US dollar/yen now does not appear as precarious as it was when the BoJ intervened back in the autumn of 2022.
Just as G10 central banks collectively tightened policy through 2022 and much of 2023, so markets anticipate a collective easing of policy starting in the next few...
If the Bank of Japan tried to do something meaningful with its tweak to the yield curve control (YCC) strategy yesterday it looks as if it might have failed – and that’s...
What does the inability of US dollar/yen to move too far from 150 tell us about the state of the currency market?
At the start of this year, many analysts expected euro/dollar would trade up from its opening level of 1.06 to around 1.10 in mid-year and then on to 1.15 by the...
Dollar/yen has risen into the region that prompted the Bank of Japan to intervene in the FX market last autumn. Hence it seems that intervention was only successful for...
So far this year three currencies have tended to hug the bottom of the G10 currency ranking: the yen, Swedish krona and Norwegian krone.
What’s the opposite of central bank policy guidance? We’d call it policy obscurification; and that’s exactly what the Bank of Japan seems to be doing at the moment,...
While the BoJ has an apparent phobia of tightening policy, the Fed’s phobia seems to lie in the other direction.
Japan's government named Kazuo Ueda as its pick to become the next central bank governor, a choice that could heighten the chance of reversing the fall in the yen.
This week’s BoJ meeting might offer some clues to the longevity of the present 10-year JGB band and hence the longevity of this volatility in the yen.
Despite its recent comeback, the yen is still the poorest-performing G10 currency this year against the dollar.
Just recently we’ve seen two instances of intervention: FX intervention by the Bank of Japan (BoJ) and Bank of England (BoE) intervention in the gilt market.
The yen is the worst performing G10 currency so far this year. But, just recently the yen has rallied back. Will this be the start of a longer-term recovery?.
The BoJ could adjust policy as soon as possible, so it seems more likely that this concern over the yen is not that pressing at all.
The yen has dropped to the weakest of any G10 currency so far this year. But what can policymakers do if they want to arrest the slide?
The Bank of Japan was forced to defend its 0.25% upper limit for 10-year JGB yields. This could be a long fight and already the dollar/yen bulls seem to want to use the...
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