USD/JPY rose to its highest since the middle of July 2024, hitting just over 158.40, before Japanese finance minister Kato weighed in with some verbal intervention to support the yen. Kato emphasised that the government is alarmed by sharp, one-sided moves in the foreign exchange market, particularly those driven by speculators, and is prepared to take action against excessive volatility.
USD/JPY has since dribbled back down to under 158.15 as I update.
Apart from this news and data flow was very light.
Major FX has traded in subdued ranges, characterised by a touch of USD weakness.
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