On Monday Azumi stated that 75-76 was a speculative level for the Yen. He’s now revising it higher, and laying the groundwork for another unilateral intervention regardless of G20 rhetoric on market determined prices. They’ve now pretty much done everything verbally they can, only thing left is for them to hit the buy key- or get out of the way and let the market test 70.00
JAPAN FINMIN AZUMI: HAVE TOLD G20 MEETING JAPAN SEES DOLLAR/YEN LEVEL OF 76, 77 AS INAPPROPRIATE
JAPAN FINMIN AZUMI: DON’T THINK G20 COMMUNIQUE’S WORDING ON FX PREVENTS JAPAN FROM INTERVENING IN FX MARKET
JAPAN FINMIN AZUMI: DIFFICULT TO APPLY SWISS CENTRAL BANK’S FX STEP IN JAPAN GIVEN DIFFERENCE IN SIZE OF ECONOMY, FX TRADE VOLUME
JAPAN FINMIN AZUMI: VERY HARD TO CONDUCT JOINT FX INTERVENTION GIVEN DIFFERENT INTERESTS OF US, EUROPE
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