The yen rebounded from a 2-1/2-year low on Tuesday after Japanese Economics Minister Akira Amari’s remarks that excessive yen weakness could have a negative impact on the country sparked profit-taking in heavy bets against the Japanese currency.
Yen rebounds on Japan Amari’s comments, dollar struggles after Fed
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By the way, Amari made the same comments yesterday: Japan’s Amari: Excessive yen weakness would hurt public
The comment had little effect yesterday.
There were more details in the Japanese press later, that we reported on: Japan Press overnight and this morning: Amari doesn’t want Yen ‘excessively weak’
When he was reported as saying the same thing again today, its pretty clear that he had a message to deliver. Note also that the USD/JPY was struggling to break its highs of yesterday at the time the comments were reported today. Then he said the Yen had corrected. Put all that together and its why I was yelling that it was time to take note.