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Yen Holds Steady Against Dollar As This Intervention Looks Different
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Yen Holds Steady Against Dollar As This Intervention Looks Different

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Yen Holds Steady Against Dollar As This Intervention Looks Different

By Dr. Duru: Call it a minor victory for Japanese Finance Minister Jun Azumi, who declared his country is in “a war of nerves” with markets over the value of its currency given the yen “... has not reflected economic fundamentals.” After a massive currency intervention to weaken the yen that reportedly cost a record $100B to execute, the yen has held steady against the U.S. dollar for a little over a week – even through another Federal Reserve meeting and another week U.S. employment report.

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The intervention lasted just a few hours, but price levels have now held for 8 days.

There appears to be a stalemate between those who see this intervention as an opportunity to buy the yen at cheaper levels and those who are starting to believe that the Japanese may finally succeed in creating some kind of cap for the yen. The commentary reported in

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