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- USD/JPY: FX intervention can only temporarily interrupt a grind higher to 130 this summer – ING
USD/JPY: FX intervention can only temporarily interrupt a grind higher to 130 this summer – ING
Nervousness around weak yen grows. In the view of economists at ING, FX intervention will be insufficient to prevent a USD/JPY move to 130.
Expect traded USD/JPY volatility to remain bid
“It would not be a surprise to see USD/JPY consolidate near the highs as traders process the risks of FX intervention, yet we suspect that the trigger for Bank of Japan's (BoJ) own-account intervention would be a fast move closer to 130. Expect traded USD/JPY volatility to remain bid in this environment.”
“In the bigger picture, unless the BoJ is prepared to hike rates, FX intervention can only temporarily interrupt what should be a grind higher in USD/JPY this summer. 130 seems possible.”
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