Japan’s top currency diplomat Masato Kanda confirmed this Thursday that the government has intervened in the FX market, which, in turn, prompts aggressive short-covering around the JPY. This, to a larger extent, overshadows the Bank of Japan’s dovish stance and turns out to be a key factor exerting heavy downward pressure on the GBP/JPY, USD/JPY, CHF/JPY across. It is worth recalling that the Japanese central bank decided to leave its policy settings unchanged and vowed to keep purchasing bonds so that 10-year yields remain pinned at zero.
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