On Wednesday, US economist Brad Setser argued in the Financial Times that the interventions by the Japanese Ministry of Finance (MOF) in favor of the yen were very effective, regardless of the monetary policy of the Bank of Japan (BoJ).
On Wednesday, US economist Brad Setserargued in theFinancial Timesthat the interventions by the Japan ese Ministry of Finance in favor of the yen were very effective, regardless of the monetary policy of the Bank of Japan . Time to roll up the stones again, then, Commerzbank’s Head of FX and Commodity Research Ulrich Leuchtmann notes. JPY depends on the fundamentals “The interventions have not had any lasting effect on JPY exchange rates so far.
” “Most of the MOF's foreign exchange reserves may have been purchased at much lower USD/JPY rates.The MOF makes a profit from interventions if they are successful, i.e. if USD-JPY trades sustainably lower due to the interventions. Otherwise, it makes a loss.” “A credible USD/JPY ceiling affects USD/PY prices well below this ceiling and that USD/JPY does not even come close to this ceiling.
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