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13 Apr 2015
Yen strengthens on comments of Abe advisor – KBC
FXStreet (Barcelona) - The KBC Bank Research Team, note that Yen strengthened post Abe advisor Hamada’s comments regarding the appropriate value of JPY, dragging USD/JPY lower to 119.70 before the pair saw a rebound above 120.00 levels.
Key Quotes
“USD/JPY strengthened in the European morning session on overall dollar strength. The pair topped out near the 120.80 level, but in the afternoon, the erosion started gradually.”
“However, it were comments of Abe advisor Hamada that surprised the market. He said that USD/JPY at 105 is appropriate and that levels of 120 points to a weak yen and added that monetary policy is working, thus implicitly not in favour of more easing.”
“USD/JPY tumbled to a low around 119.70. Some saw it as a dollar buying opportunity, as the PPP notion is vague and unsuitable for guiding trading. However, the rebound to just above 120 isn’t very convincing either. Anyway, the two month old trading range of 118‐to‐122 remains intact.”
Key Quotes
“USD/JPY strengthened in the European morning session on overall dollar strength. The pair topped out near the 120.80 level, but in the afternoon, the erosion started gradually.”
“However, it were comments of Abe advisor Hamada that surprised the market. He said that USD/JPY at 105 is appropriate and that levels of 120 points to a weak yen and added that monetary policy is working, thus implicitly not in favour of more easing.”
“USD/JPY tumbled to a low around 119.70. Some saw it as a dollar buying opportunity, as the PPP notion is vague and unsuitable for guiding trading. However, the rebound to just above 120 isn’t very convincing either. Anyway, the two month old trading range of 118‐to‐122 remains intact.”