USD/JPY navigates in the upper end of the recent range north of the 151.00 mark amidst some renewed weakness in the Greenback and rising US yields.
USD/JPY trades without conviction around 151.50. Fears of FX intervention remain well in place. Higher US yields limit the downside bias in the pair. USD/JPY: Upside appears capped by 152.00 The pair trades in an irresolute tone at the beginning of the week on the back of the resurgence of the downward bias in the US Dollar and in a context of prevailing appetite for the risk-linked galaxy.
On this, according to Vice Finance Minister for International Affairs, Kanda, the recent depreciation of the Japanese yen is not aligned with the underlying economic fundamentals and appears to be driven by speculative activities. Kanda issued a stern warning, stating, We are prepared to intervene to address excessive fluctuations, with all options on the table.
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