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☆ Sterling rebounds on UK fiscal policy U-turn; yen struggles
▼ + stars: | 2022-10-17 | by ( ) www.cnbc.com time to read: +3 min

In this photo illustration, British GDP £1 coins and bank notes are pictured in Bath, England. The news came hours after she sacked former finance minister Kwasi Kwarteng, with Jeremy Hunt replacing him. All eyes are now on how the UK government bond market will trade, after the Bank of England on Friday concluded its emergency gilt market support. The U.S. dollar index , which measures the greenback against a basket of currencies including the yen, firmed at 113.02. Elsewhere, the euro gained 0.26% to $0.9748, while the Australian and New Zealand dollars bounced mildly from recent losses.

☆ Analysis: G7 fails to reach intervention deal to ease pain of soaring dollar
▼ + stars: | 2022-10-16 | by ( Leika Kihara | ) www.reuters.com time to read: +7 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. With a strong push from Japan, finance leaders of the Group of Seven advanced economies included a phrase in a statement on Wednesday saying they will closely monitor "recent volatility" in markets. "Many countries saw the need for vigilance to the spill-over effect of global monetary tightening, and mentioned currency moves in that context. "I've said on many occasions that I think a market-determined value for the dollar is in America's interest. "It's impossible to reverse the yen's downtrend with solo intervention," said Daisaku Ueno, chief forex strategist at Mitsubishi UFJ Morgan Stanley Securities.

☆ Japan's FX diplomat vows 'decisive' action against volatile yen moves
▼ + stars: | 2022-10-15 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

WASHINGTON (Reuters) -Japan’s top currency diplomat Masato Kanda on Friday said authorities are ready to take decisive action in the currency market if excessive moves in the yen continue. “As mentioned in the statement, excessive volatility and disorderly moves in the currency market have a negative impact on economies,” said Kanda, who oversees Japan’s currency policy as vice finance minister for international affairs. “If excessive moves in the yen continue, we’re ready to take decisive action any time,” Kanda told reporters in Washington. “I won’t comment on specific market moves,” Kanda said when asked whether the yen’s sharp declines in recent days were deemed volatile. “I will, however, mention that many people believe recent moves have been somewhat rapid,” he added.

☆ Japan Intervenes in Currency Markets to Support Yen
▼ + stars: | 2022-09-22 | by ( Chieko Tsuneoka | ) www.wsj.com time to read: 1 min

TOKYO—Japan said Thursday it intervened in currency markets to sell dollars and buy yen, the first such intervention in 24 years, in a bid to stem the recent sharp fall of the currency. The vice minister of finance, Masato Kanda, confirmed the intervention in brief comments to reporters. He said Tokyo took decisive measures to stem what it earlier described as an unwelcome fall in the yen.

☆ Japan intervened in forex market to stem weak yen - top currency diplomat Kanda
▼ + stars: | 2022-09-22 | by ( Neil Jerome Morales | Enrico Dela Cruz | ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterCoins and banknotes of Japanese yen are seen in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/File PhotoTOKYO, Sept 22 (Reuters) - The Japanese government has intervened in the foreign exchange market to sell dollars for yen to stem the Japanese currency's recent sharp falls, top currency diplomat Masato Kanda said on Thursday. "We have taken decisive action (in the exchange market)," he told reporters, responding in the affirmative when asked if that meant intervention. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tetsushi Kajimoto Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

Tokyo (CNN Business) Japan tried to shore up the value of its currency Thursday by buying yen and selling US dollars for the first time in 24 years. The yen had earlier plunged to its lowest level since 1998 after the Federal Reserve hiked interest rates aggressively while the Bank of Japan kept its rates in negative territory in a bid to boost its fragile economic recovery. The currency has lost about 20% this year against a surging US dollar"In the current foreign exchange market, we are seeing rapid and one-sided movements against the backdrop of speculative activities," Japan's vice finance minister for international affairs Masato Kanda told reporters on Thursday. "The government is concerned about these excessive fluctuations and has just taken decisive action," he added. Thursday's decision marks the first time since 1998 that the Japanese government intervened in the foreign exchange market by buying yen.

☆ Japan 'most certainly' will intervene in FX market if needed -top FX diplomat
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA Japan yen note is seen in this illustration photo taken June 1, 2017. REUTERS/Thomas White/Illustration/File PhotoTOKYO, Sept 22 (Reuters) - Japan has not intervened in the currency market yet but will "most certainly" do so when necessary, the country's top currency diplomat, Masato Kanda, said on Thursday. "Markets are making very volatile moves," Kanda, vice finance minister for international affairs, told reporters. "We cannot tolerate excess volatility and disorderly currency moves," he said when asked about the yen's recent slide to fresh 24-year lows. Kanda declined to comment, when asked whether authorities conducted rate checks in the foreign exchange market.

☆ Yen strengthens after Japanese government dumps dollars to prop up the currency in its first intervention since 1998
▼ + stars: | 2022-09-22 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Japanese yen climbed 1% against the dollar Thursday after authorities moved to prop up the currency. It's the first time since 1998 that the Japanese government has intervened in currency markets. The dollar fell as much as 2.6% to 140.31 yen and was down 0.6% to 143.21 yen at last check. The yen's rally came after the Japanese government said it would buy yen and sell dollars in a bid to shore up the currency. "The big question is whether it will make a difference and change the long-term direction of the Japanese yen's decline," CMC Markets' chief analyst Michael Hewson said.

☆ Japan intervenes in FX market to stem yen falls after BOJ keeps super-low rates
▼ + stars: | 2022-09-22 | by ( ) www.cnbc.com time to read: +2 min

The Bank of Japan has voted to keep interest rates ultra-low to support the country's fragile economic recovery. Japan intervened in the currency market on Thursday to shore up the battered yen for the first time since 1998, in the wake of the central bank's decision to maintain ultra-low interest rates that have been driving down the currency. The dollar extended its fall against the yen and was last down over 2% at 141.15 yen after confirmation of the intervention. We won't be raising interest rates for some time," BOJ Governor Haruhiko Kuroda told a briefing after the policy decision. In a widely expected move, the BOJ maintained ultra-low interest rates at a two-day meeting that ended on Thursday and left unchanged a pledge to keep rates at "present or lower levels."

☆ Tokyo blinks in game of forex chicken
▼ + stars: | 2022-09-22 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +3 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The BOJ would rather wait for the outcome of companies’ annual wage negotiations next year before leaping to policy conclusions. That further widens the gap between American and Japanese benchmark bond yields – already well over 3 percentage points – which further hurts the yen. Register now for FREE unlimited access to Reuters.com RegisterThat’s why Tokyo has decided to deploy some of its $1.3 trillion in forex reserves to stem the slide. Bond investors have already expressed scepticism towards the BOJ’s commitment to keeping the 10-year sovereign bond yield below 0.25%.

☆ History of Japan's intervention in currency markets
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +4 min

Here is a timeline of selected moves in foreign exchange markets by the Bank of Japan (BOJ). Sept. 15, 2010 - Japan intervenes in the currency market for the first time in six years, selling yen to stem a rise in the currency after the dollar hits a 15-year-low at 82.87 yen. May-June, 2002 - The BOJ intervenes to sell yen, often supported by the U.S. Federal Reserve and European Central Bank (ECB). Sept 2001 - The BOJ intervenes to sell yen after the Sept. 11 attacks in the United States. The BOJ intervenes to buy dollars and sell yen.

☆ Jerome Powell is heading into the 'danger zone'
▼ + stars: | 2022-09-22 | by ( Julia Horowitz | Cnn Business | ) edition.cnn.com time to read: +7 min

London (CNN Business) When the Federal Reserve started hiking interest rates to combat decades-high inflation, Chair Jerome Powell stressed that the central bank could increase borrowing costs without inflicting too much damage on the economy. Breaking it down: The central bank didn't go as hard as some investors thought it might. The Fed's main interest rate is now set between 3% and 3.25%. Plus, many factors pushing up inflation numbers — such as the war in Ukraine and drought conditions — are outside the central bank's control. Central banks have "no choice" but to increase interest rates in an effort to combat inflation, she added.

☆ Premarket stocks: Jerome Powell is heading into the 'danger zone'
▼ + stars: | 2022-09-22 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

“We feel the economy is very strong and will be able to withstand tighter monetary policy,” Powell said in March. Breaking it down: The central bank didn’t go as hard as some investors thought it might. Yet tucked into the central bank’s projections were signs that it plans to stay tough, even if it means pushing the economy into rocky territory. The Fed’s main interest rate is now set between 3% and 3.25%. Plus, many factors pushing up inflation numbers — such as the war in Ukraine and drought conditions — are outside the central bank’s control.

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