Former Bank of Japan board member Atsushi Takeuchi said Japan and the United States would “definitely” carry out another joint market intervention if the yen shows signs of renewed weakness, according to Jin10. He said the latest coordinated action by Tokyo and Washington was highly effective, helping shape a market consensus that the yen is unlikely to keep weakening in a one-way move. Takeuchi also said the dollar-yen exchange rate could trade in a range of 155 to 162 in the near term. The remarks point to continued market attention on official policy signals and the response of Japanese authorities if the currency comes under pressure again.
Former Bank of Japan board member Atsushi Takeuchi said Japan and the United States would “definitely” take joint intervention action again if the yen shows signs of renewed weakness, according to Jin10.
Takeuchi said the latest coordinated move by Japan and the U.S. was highly effective, and that the market has now reached a consensus that the yen will not continue weakening in a one-sided move.
He added that the dollar-yen exchange rate could fluctuate in a 155 to 162 range in the short term.
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