The steep decline in Japanese Yen in Asian session trigger verbal intervention by a top government official. Chief Cabinet Secretary Hirokazu Matsuno said at a press conference, “It is important for foreign exchange markets to move in a stable manner reflecting fundamentals, and excessive changes are undesirable.”
“There is no change to the government’s stance that we will closely monitor movements in the currency market and take appropriate steps if necessary,” he added.
USD/JPY surges pass 140.90 resistance to resume whole rally from 127.20 (Jan low). 61.8% retracement of 151.93 Further rise should be seen to 127.20 at 142.48. But the pair might start to feel heavy above there, as the government could step up rhetorics on intervention further.
