Japanese Prime Minister Fumio Kishida said on Thursday that excessive movement in the yen due to speculation cannot be overlooked and that his government would act "with a high level of vigilance" and intervene to support the currency again if necessary.
The Japanese yen soared across the board on Thursday after
monetary authorities intervened in the foreign exchange market to boost the battered currency for the first
time since 1998, although ...
The Canadian dollar
weakened to its lowest level in more than two years against its
U.S. counterpart on Thursday as a wave of central bank interest
rate hikes added to concern about the global ...
* * Mexico prices rise more than expected in early September. * Turkey's CBRT stuns with 100 bps rate cut, lira hits record low. Latin American currencies rallied on Thursday, recovering from a weakness brought on by an aggressive U.S. Federal Reserve, with a bigger-than-expected inflation rise lifting Mexico's peso on hopes of a large interest rate hike this month.
Japan intervened in the foreign exchange market on Thursday to buy yen for the first time since 1998, in an attempt to shore up the battered currency after the Bank of Japan stuck with ultra-low interest rates. The move, which occurred in late Asia hours, saw the dollar plunge more than 2% to around 140.3 yen.
The Bank of Japan's intervention to prop up a freefalling yen has currency investors speculating about which central bank could move next in the face of a soaring dollar. Few think another G7 central bank would be bold enough to intervene directly as Japan did on Thursday.
Japan will keep a close eye on currency market moves and act decisively against excessive fluctuations, Prime Minister Fumio Kishida said on Thursday, suggesting the government could act again after buying yen for the first time since 1998.
The U.S. Treasury on Thursday acknowledged the Bank of Japan's intervention in the foreign exchange, but stopped short of endorsing the move. "The Bank of Japan today intervened in the foreign exchange market.
CitiFX has entered into a short position in the British pound against the Swiss franc following the Bank of England's and Swiss National Bank's latest policy announcements. In a note published on Thursday, CitiFX said its strategy call was for shorting GBP/CHF at 1.11 francs, targeting a move to 1.05 and with a stop-loss above 1.14, allocating 10% of their portfolio capital.
The Japanese yen jumped across the board on Thursday after
monetary authorities intervened in the foreign exchange market to boost the battered currency for the first
time since 1998, although ...
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