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- USD/JPY: Unilateral intervention not enough to reverse the yen downtrend – SocGen
USD/JPY: Unilateral intervention not enough to reverse the yen downtrend – SocGen
The yen has plunged 25% since March against the US dollar. Therefore, talks of Bank of Japan (BoJ) intervention have increased. Nonetheless, economists at Société Générale believe that currency intervention will not deter the USD/JPY pair upmove.
Two conditions necessary for a sustainable reversal in the JPY
“We see two conditions necessary for a sustainable reversal in the JPY: 1/ the BoJ abandons curve control (10y JGB cap 0.25%); 2/ a recession unfolds in the US and causes Treasury yields to crumble.”
“Unilateral intervention could keep USD/JPY from scaling new highs but won’t be enough to reverse the downtrend.”
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