The hurdle for FX intervention by Japan MoF remains high for now, as it resorts to fiscal measures to address cost of living issues. Thus we could see more downward pressure on JPY, after significantly underperforming other Asia FX. Yen weakness may eventually weigh on the BoK, and to a lesser extent on the Monetary Authority of Singapore. Korea has the highest net export similarity with Japan. - Citigroup Global Markets
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