- Japan’s Ex-FX Tsar Shinohara: ‘Meaningless' for Tokyo to conduct yen-buying intervention
Market news
30 March 2022
Japan’s Ex-FX Tsar Shinohara: ‘Meaningless' for Tokyo to conduct yen-buying intervention
Japan's former top currency diplomat Naoyuki Shinohara said on Wednesday, “it is 'meaningless' for Tokyo to conduct the yen-buying intervention.”
Additional quotes
“Yen-buying intervention, BOJ rate hike will not have a lasting effect in reversing the trend of weak yen.”
“Yen falls reflect economic fundamentals to some extent, moves not very fast.”
These comments come after the Bank of Japan (BOJ) conducted an emergency bond-buying operation, in addition to the offers it made early Asia to buy 600B yen in 3-5-year JGBs and 725B yen in 5-10-year JGBs.
Market reaction
USD/JPY is trading close to 122.00, licking its wounds after plunging to three-day lows of 121.32.
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