BoJ’s Kuroda: Abnormally one-sided, sharp yen weakening appears to have paused

Bank of Japan (BoJ) Governor Haruhiko Kuroda said on Monday, “abnormally one-sided, sharp yen weakening appears to have paused, thanks partly to government’s FX intervention.”

Key quotes

BoJ and government to closely monitor impact of FX, market moves on economy, prices.

Important for forex rates to move stably reflecting economic fundamentals.

Don’t expect dollar’s solo strength to last indefinitey.

Market reaction

More verbal intervention coming in from the BoJ Chief but fails to impress the Japanese yen bulls. USDJPY is currently trading 0.50% higher on the day at 139.48.