The Japanese yen continues to depreciate, testing Japanese officials ahead of US CPI data. Officials remain focused on undesirability of FX moves, not levels
The Japanese Finance Minister has had more to say in the aftermath of the suspected FX intervention in late April as
Suzuki went on further to repeat his usual warnings that the ministry is closely watching FX moves and that currencies need to move in a stable manner – reflecting fundamentals. Looking at a general index of yen performance vs a basket of major currencies, the yen continues to depreciate in a consistent manner.
160.00 remains the level of resistance but Japanese officials are closely watching the volatility around FX moves – something CPI data can impact in a negative manner. Risk management remains of utmost importance across Japanese yen pairs.Recent soft data or survey data since Friday points towards a possible US CPI surprise tomorrow.
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