More Comments on the Japanese Yen


  • Yen Open Mouth Support Operations Continue

Earlier we had this from the Ministry of Finance:

Japan’s Finance Minister Suzuki speaking on exchange rate excess volatility

As I have repeatedly pointed out, it is the MoF that orders intervention in the foreign exchange markets. The Bank of Japan then carries out such actions. Suzuki’s comments today are in response to the yen’s continued rapid decline so far this week. We have heard such comments from Japan many times over the past few weeks and months when the yen has fallen sharply.

We are now receiving similar comments from the general secretary of Japan’s ruling party, the LDP. Motegi says

  • We need to be alert to sudden movements in stock and currency markets.

USD/JPY has been relatively subdued so far for the session (dipped – ie the yen rose – on Suzuki’s remarks, but rising US yields make it difficult to contain USD/JPY):

usdyen April 12, 2022

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