Japan finance minister Kato with the remarks.
Yesterday the reasonably unremarkable news that Kato had met with Bessent kicked the legs out from under the yen for an hour or so, As I said in the wrap:
But, that’s all it took for USD/JPY to race from around 143.60 to highs above 144.30 in just a few minutes. Admittedly, it was at a low-liquidity part of the 24 hours FX cycle (just prior to 8am Sydney time (10am New Zealand, 7 am Tokyo, 6am Singapore and Hong Kong, 6pm US Eastern time, 12am/11 pm Frankfurt/London).
It all soon retraced to lows around 142.80 or so heading into Europe time … but JPY has weakened again overnight:
Forexlive Americas FX news wrap: Yields reverse lower, bitcoin hits record near $112K
Eyes on CPI data from Japan due today for the next (known!) catalyst:
This article was written by Eamonn Sheridan at www.forexlive.com.