{"id":1473527,"date":"2024-06-26T13:52:01","date_gmt":"2024-06-26T17:52:01","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1473527"},"modified":"2024-06-26T13:52:01","modified_gmt":"2024-06-26T17:52:01","slug":"yen-tumbles-to-1986-lows-after-japanese-currency-chief-comments-gold-oil-bonds-dump","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/yen-tumbles-to-1986-lows-after-japanese-currency-chief-comments-gold-oil-bonds-dump\/1473527\/","title":{"rendered":"Yen Tumbles To 1986 Lows After Japanese ‘Currency Chief’ Comments; Gold, Oil, & Bonds Dump"},"content":{"rendered":"

Yen Tumbles To 1986 Lows After Japanese ‘Currency Chief’ Comments; Gold, Oil, & Bonds Dump<\/span><\/p>\n

\n

The market is testing Japanese officials… <\/strong>and so far it’s winning…<\/p>\n

Reaffirming its constant stance of jawboning over actual intervention, Vice Finance Minister\u00a0Masato Kanda\u00a0said late Wednesday that the government is watching the yen with a high level of urgency as he described the currency\u2019s latest moves as \u201crapid\u201d and \u201cone sided.\u201d<\/strong><\/p>\n

\u201cI have serious concern about the recent rapid weakening of the yen and are closely monitoring market trends with a high sense of urgency,\u201d<\/strong> Kanda\u00a0told reporters late Wednesday.<\/em><\/p>\n

\u201cWe will take necessary actions against any excessive movements,\u201d <\/strong>he said. <\/em><\/p>\n

Kanda refrained from commenting if the yen\u2019s latest move was excessive.<\/p>\n

This ‘status quo’ sent the yen lower against the dollar<\/strong>…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

…breaking down to its weakest since 1986<\/strong>…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Earlier this week, Kanda\u00a0said\u00a0authorities were ready to intervene in currency markets at any time around the clock if needed.<\/p>\n

Finance Minister\u00a0Shunichi Suzuki\u00a0said they are closely\u00a0monitoring\u00a0developments<\/strong> in the market and will take all possible measures as needed.<\/p>\n

\u201cIf the moves start to get disorderly north of 160, they may come in to smooth the move,\u201d said\u00a0Win Thin, global head of markets strategy at Brown Brothers Harriman & Co in New York.<\/em><\/p>\n

\u201cBuy until the BOJ tilts more hawkish, upside for USD\/JPY is the path of least resistance.\u201d<\/em><\/p>\n

Well, it’s starting to look ‘disorderly’.<\/p>\n

\u201cGiven quarter-end dollar demand and the fact that the volatility environment remains contained, Japanese authorities might wait a bit more before intervening once again,\u201d <\/strong>said\u00a0Roberto Cobo Garcia, head of G-10 FX strategy at Banco Bilbao Vizcaya Argentaria SA in Madrid. <\/em><\/p>\n

\u201cVolatility needs to rise more if they are to step in again.\u201d<\/em><\/p>\n

The yen weakness sent the dollar higher and triggered selling in Gold…<\/p>\n

<\/a><\/p>\n

…and oil…<\/p>\n

<\/a><\/p>\n

…and Treasuries…<\/p>\n

<\/a><\/p>\n

Japan has acknowledged it spent \u00a59.8 trillion ($61.3 billion) intervening in currency markets between April 26 and May 29. <\/strong><\/p>\n

Although specific dates weren\u2019t disclosed, trading patterns suggest major interventions occurred on April 29 and May 1.<\/p>\n

Data on foreign reserves suggest Japan\u00a0sold Treasuries\u00a0to fund these actions<\/strong>.<\/p>\n

Previous action by Japan to support its currency market has raise eyebrows overseas, with the US Treasury Department last week adding the nation to its \u201cmonitoring list\u201d for foreign-exchange practices.<\/strong><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 06\/26\/2024 – 09:52<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/yen-tumbles-1986-lows-after-japanese-currency-chief-comments-gold-oil-bonds-dump<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Yen Tumbles To 1986 Lows After Japanese ‘Currency Chief’ Comments; Gold, Oil, & Bonds Dump The market is testing Japanese officials… and so far it’s…<\/p>\n","protected":false},"author":0,"featured_media":1473528,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1473527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6bkz","jetpack_featured_media_url":"https:\/\/bugaluu.com\/news\/wp-content\/uploads\/sites\/3\/2024\/06\/bfmBD8_0-wBOS4f.jpeg","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1473527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1473527"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1473527\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1473528"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1473527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1473527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1473527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}