Japanese Officials Mention Intervention As USDJPY Breaches 150
USDJPY buyers have been persisting in driving the price upward towards the 150 level in the last 6 weeks. The upside momentum picked up further yesterday after the release of US CPI inflation statistics, sending this pair above 150, as it heads toward all time highs at 152. But, Japanese officials are popping up, acknowledging the levels in this pair, which could be seen as an intervention threat.
US Economic Data keeping USD/JPY Buyers in Charge
Initially, USD/JPY rose by 1 cent, immediately after the release of the US inflation report. Then it slowly climbed another 50 pips, reaching the highest level since November at 150.80s. This sharp movement suggests a strong bullish momentum for the US dollar against the Japanese yen in the forex market.
Japan’s Finance Ministry’s Vice Finance Minister for International Affairs Kanda appeared on the media yesterday, saying that he is the guy who will instruct the Bank of Japan to intervene in the forex market when he judges it necessary. The surge yesterday was driven by USD strength, which was even larger in the USD/JPY currency pair.
Japan Finance Ministry Official Kanda
USD/JPY Live Chart
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