Round one of JPY jawboning falls on deaf ears

Yen pairs ignore the first jawboning from the Japanese Ministry of Finance

It was always going to happen that if USDJPY broke down, someone at the MOF would pop their nose above the parapet to pass a comment. So, today we got the Vice Minister of Finance for International Affairs, Masatsugu Asakawa telling Kyopdo news that;

“We are closely watching whether there are any speculative factors” behind the moves in the yen.

First and foremost, we are a million miles from any sort of moves that would have the MOF taking real notice. We would need to see moves worthy of “crash” status to get the MOF out in force. At the moment, we’re just facing a break of a long held range. This round of jawboning is more of just a reminder that the MOF is awake.

For yen pairs, it might help put a temporary floor in but it might have done that naturally anyway.