Daily Alert – Wednesday 27th March 2024: Bank of Japan not kidding on weak Yen

Mark NugentDaily Alert, March 2024

Daily Alert – Wednesday 27th March 2024: Bank of Japan not kidding on weak Yen

Good afternoon.

It is so very quiet. Risk sentiment has been solidly indecisive.

In Japan, central bank officials are really hammering home the message that they will not tolerate further weakening of the JPY as it sits at the level against the USD that last saw intervention in October 2022. The bank is hoping that interest rate cuts in the US will weaken the USD and therefore bolster the JPY as measured by the USDJPY rate. However, that Fed move is almost certainly some months off and the speculators betting on Yen weakness are right here right now. So, keep an eye on USDJPY.

I’ll be back tomorrow.

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