USD/JPY is consolidating yesterday’s sharp gains, with the next major resistance level identified at 155.00, according to BBH FX analysts.
Japan Finance Minister Satsuki Katayama has issued a warning against excessive moves in the yen. She stated, “We’ve recently seen very one-sided and rapid currency moves. The government is closely monitoring excessive or disorderly movements in the foreign exchange market, including those driven by speculative moves, with a high sense of urgency.”
Despite this caution, Katayama’s warning on yen volatility appears to fall short of expectations. A more hawkish stance from the Bank of Japan (BOJ) yesterday could have provided stronger support for the Japanese yen. Instead, the BOJ maintained its laid-back policy, signaling that any intervention is likely to slow, but not stop, the yen’s decline.
Analysts suggest that the BOJ would be throwing good money after bad if it chooses to intervene under the current conditions. As such, the yen’s slide may continue in the near term, influenced by both market forces and the central bank’s neutral position.
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