💹❗️USD/JPY Rally Nears Previous FX Intervention Levels: Cable FX Macro
- Rosbel Durán
- May 29, 2023
- 1 min read
For most of last year's fourth quarter, the dollar-yen pared gains following a series of FX interventions from the BoJ, and a shift in sentiment due to the China reopening
USD/JPY is now higher circa 7% YTD, the rally is extending gains above spot 140.0. We're noting previous levels of FX intervention from the BoJ at 145.0 and 150.0
In September, the MOF said that monetary authorities spent JPY2.84 trillion to intervene in FX markets. The move coincided when the pair tried breaching the 145.0 mark. About a month later, the yen weakened to trade above 150.0, the MOF reported authorities spending JPY6.3 trillion on FX operations
The 2022 USD/JPY FX intervention from Japan was the first since 1998
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