USD/JPY: Yen soft as intervention absent – UOB

UOB Global Economics & Markets Research highlights USD/JPY reversed intraday losses to close flat at 157.41. The Japanese Yen weakened after Ministry of Finance data confirmed no FX intervention between 27 August and 28 September, following July’s record coordinated US-Japan operation. Elevated US yields and firm Dollar conditions continue to weigh on the Japanese Yen.

Yen pressured by lack of support

"USD/JPY reversed intraday losses to close flat at 157.41, with the yen ceding ground after Japan's Ministry of Finance data confirmed no FX intervention was conducted between 27 Aug and 28 Sep — following a record $98.7bn coordinated US-Japan operation in Jul."

"In South Korea, the yield curve shifted lower across the board after the government renewed its emergency buyback warning: the 2-year yield fell 3.3 bps to 3.977%, the 10-year fell 5.4 bps to 4.402%, and the 30-year fell 7.5 bps to 4.509%."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)