USD/JPY has benefited from another backdraught of late after it was revealed that Janet Yellen was not as supportive of Japan and Korea using intervention to prop up their currencies as had been thought – especially after their recent currency summit.
In words over the weekend, Yellen was more critical, saying she’d prefer it if intervention was only used on rare occasions and that the US was notified prior to the event.
“US Treasury Secretary Janet Yellen’s observation that FX intervention should be rare, and accompanied by consultation, doesn’t suggest a weaker Dollar is particularly desirable,” said Kit Juckes, FX Strategist at Societe Generale in a note on Tuesday.
“It will embolden Yen bears…but whether we see another test, or a break of USD/JPY 160, depends more on the CPI data than anything else,” he added.
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