http://www.bloomberg.com/news/2011-07-27/yen-is-near-four-month-high-versus-dollar-on-u-s-debt-talk-europe-crisis.html?cmpid=
Bank of Japan board member Hidetoshi Kamezaki said yesterday he’s watching the yen’s recent gains with great caution as the currency’s strength could damage the economy. The BOJ will take needed policy action proactively, he said. Japanese Finance Minister Yoshihiko Noda said today he will continue to monitor financial markets closely.
Volatility implied by one-month dollar-yen options was 10.09 today after reaching a two-month high of 10.59 on July 14.
Group of Seven nations jointly sold the yen on March 18 after it rose to a postwar record of 76.25 to the dollar the previous day, saying in a statement they wanted to reduce“excess volatility and disorderly movements.”
Intervention Bets
“Comments like that reassure the market there will be no intervention,” said Minori Uchida, senior analyst at Bank of Tokyo-Mitsubishi UFJ Ltd., a unit of Japan’s biggest bank. “I think some people were cautious about intervention because the yen is higher than it was when Japan conducted solo intervention.”Bank of Japan board member Hidetoshi Kamezaki said yesterday he’s watching the yen’s recent gains with great caution as the currency’s strength could damage the economy. The BOJ will take needed policy action proactively, he said. Japanese Finance Minister Yoshihiko Noda said today he will continue to monitor financial markets closely.
Volatility implied by one-month dollar-yen options was 10.09 today after reaching a two-month high of 10.59 on July 14.
Group of Seven nations jointly sold the yen on March 18 after it rose to a postwar record of 76.25 to the dollar the previous day, saying in a statement they wanted to reduce“excess volatility and disorderly movements.”
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