TOKYO - The yen plunged through a level that Wall Street has warned could push the Japanese authorities to step into the market to support the currency, and then kept on going.
Japan’s top currency diplomat Masato Kanda said on April 11 that recent yen moves were rapid, and that the authorities would not rule out any steps to deal with excessive exchange rate swings. “Recent moves are rapid. We’d like to respond appropriately to excessive moves, without ruling out any options,” he said.
“Markets are clearly calling the bluff of currency officials at the moment,” said Ms Helen Given, a foreign-exchange trader at Monex. “If there’s not some sort of response soon, I see more downside.” But intervention remains a possibility, he added. “They have been making a lot of verbal noise around intervention, so there may be an element of saving face and wanting to intervene on that basis.”
Yen Currency Japanese Authorities US Dollar Exchange Rate Interest Rate Cuts
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