The dollar was off early lows against the Japanese unit, but still pressured, despite jawboning from Japanese officials. Dollar-yen was last at Y77.63, the upper end of the session’s Y77.46 to Y77.67 session range. The pair ground off the lows after comments from Japanese FinMin, but still seems capped by offers ahead of Y78.00. Finance Minister Azumi repeated his warning that the Japanese government will take “decisive” action in the forex market to prevent a lopsided rise in the yen from hurting a fragile economic recovery. Azumi told a regular briefing government would not rule out any measures in order to counter excessive forex moves and “act in a decisive manner when necessary,” he said. However, perhaps holding the authorities back to some measure was the yen falling to 4 month low against the euro, last at Y101.10, off the Y101.21 high.
EasyForexNews Research Team