JPY 03 (Dec 16 - Dec 25)

[behappyalways]

Bank of Japan policymaker warns of fragile recovery, signals sustained low rates
https://www.cnbc.com/2022/08/31/bank-of ... rates.html

[behappyalways]

Yen hits 24-year low, 140 level beckons as hike bets buoy dollar
https://www.cnbc.com/2022/09/01/forex-m ... hikes.html

[behappyalways]

BOJ Warns Of Imminent FX Intervention: Here's How Far USDJPY Can Fall... Before Surging Even More
https://www.zerohedge.com/markets/boj-t ... -even-more

[winston]

'Bold action' sees action at last to stop yen slide

The intervention, coming after the Bank of Japan insisted it will hold its negative-rate policy even as the Federal Reserve hikes aggressively, indicates how a pain threshold had been reached as hedge funds kept adding to short bets on the yen. The question now is whether the unilateral action will work.

Intervention is an extraordinary move for a country that's long been criticized by trading partners for tolerating or even encouraging a weak currency to benefit its exporters.

The last time it strengthened the yen with direct intervention was during the Asian financial crisis, when the exchange rate hit 146 and threatened a fragile economy.

It had also previously intervened at levels around 130 to weaken the currency in 2011.

He said later there may be no need to change forward guidance for two or three years, and there's no prospect of a near-term rate hike.

Source: Bloomberg

https://www.thestandard.com.hk/section- ... -yen-slide

[behappyalways]

Translation: USDJPY 150 and much more is now guaranteed, even if the time to reach it is delayed by one or two weeks.


Yentervention! Japan "Boldly" Enters FX Market, Sends USDJPY Tumbling... But Not For Long
https://www.zerohedge.com/markets/yente ... y-tumbling

[winston]

JP Reportedly Mobilizes Record JPY3T for Forex Mkt Interventions

The scale of the interventions from the Japanese government and Bank of Japan in the foreign exchange market may reach JPY3 trillion (approximately USD20.7 billion), exceeding the previous record of JPY2.62 trillion set on 10 April 1998, reported Kyodo News, citing data from a research institute.

Related News - Fumio Kishida: JP To Further Unwind Curbs on Arrivals Next Mth

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... t-news/HK6

[winston]

Japan spent record of nearly US$20b on intervention to support yen

by Leika Kihara & Tetsushi Kajimoto

Draining nearly 15% of funds it has readily available for intervention.

The impact of further intervention will diminish as long as Japan continues to intervene solo.

Japan held roughly US$1.3 trillion in reserves, the second biggest after China.

Source: Reuters

https://www.theedgemarkets.com/article/ ... upport-yen

[winston]

Japan warns of bold action on yen

Yen touched a 32-year low.

Previously, Japanese Prime Minister Fumio Kishida said he would strengthen the economy in a way that makes the most of the weak yen, including encouraging the building of chip and battery factories as well as pushing farm exports.

He also said he would aim for 5 trillion yen (HK$260 billion) in consumption by inbound tourists, with the return of visa-free travel and individual travel from October 11.

Source: The Standard

https://www.thestandard.com.hk/section- ... ion-on-yen

[behappyalways]

Japanese Jawboning Won't Stop Yen's "Explosive" Downward Spiral From Testing 150/Dollar
https://www.zerohedge.com/markets/japan ... -150dollar

[behappyalways]

(selling bonds to support yen )


On the Treasury side, Japan was the biggest dumper of bonds (-$34.5billion), now down to iots lowest total holdings level since Dec 2019...

Foreign Official Entities Dumped Stocks, TSYs In August As De-Dollarization Accelerates
https://www.zerohedge.com/markets/forei ... ccelerates