A case for BOJ Intervention before month end – Have to think with talk of Japan lifer talk today 1) bid in EURJPY at 103.50 and 2) bid in AUDJPY at 77.50 and 3) covering longer dated options at expensive vol – these guys think there will be intervention before month end. Many in Japan would like intervention to sell USDJPY into 79.00-81.00. Some in Japan feel if intervention does not come before the end of the month that the exporters will be hurt and this will be very bad for the new cabinet approval rating.
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