Japan’s Top FX Diplomat Kanda: Watching FX market with sense of urgency

Market news

21 July 2023

Japan’s Top FX Diplomat Kanda: Watching FX market with sense of urgency

Japan's top currency diplomat Masato Kanda came out with a verbal intervention to rescue the Japanese Yen after it plunged on reports that the Bank of Japan (BoJ) could leave its policy settings unchanged next week.

Key quotes

Watching FX market with a sense of urgency.

Excessive FX moves are undesirable.

Market reaction

USD/JPY trimmed gains on the above comments, trading at 141.65, at the time of writing. The spot is still up 1.18% on the day.

EUR/USD to see break above 1.1275 for strength to 1.1495 and eventually 1.1703/48 – Credit Suisse

An unfavourable mix for US Dollar performance – MUFG

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