Japan Chief Cabinet Secretary Kihara:
- Watching market moves, including bond market, closely
- Recent FX moves are sharp, one-sided
- FX market needs to move stably reflecting fundamentals
- Concerned about FX moves
- Closely watching excessive, disorderly moves in FX market including speculative moves
- Watching fx market move with high sense of urgency
This is all just blah, blah, blah now.
USD/JPY is sitting basically at the day's high around 157.46.
Kihara’s remarks raise the verbal-intervention temperature, he has chosen high impact words. But ... if this does slow yen selling it'll be marginal. Markets will look for coordinated Ministry of Finance–BOJ signals before pricing a higher risk of actual intervention.
