Japanese authorities are unlikely to intervene in foreign exchange markets to prop up the yen as the currency has already found some support and will head much higher as U.S. interest rates peak, former finance official Eisuke Sakakibara said.
Sakakibara gained a reputation as a market mover in the 1990s after devising several currency interventions during his time as vice finance minister, earning him the nickname "Mr Yen". He remains a closely watched figure by markets for his insight on the yen.
Sakakibara's comments come as the yen hovers around 142 to a dollar, having steadied in the past week after a decline of 7.5% this year as Japan's low yields made the currency an easy target for short-sellers and funding trades. After the last FOMC meeting in July, a majority of market participants expect the Fed will hold rates at 5.25-5.50% as inflation eases and the economy loses momentum.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Japanese man who spent $14K to be a collie is no show dog: AKC judges“A collie should look regal, and I don’t know that he does,” sniffed American Kennel Club judge Jeffrey Presley, who panned Toco’s headpiece as being too wide and coming across as being a “he…
Read more »
A Staircase of Food at Jomon Japanese BBQLooking for a great place to take some friends or for your next date night? BobKellyFOX29 has just the place! He visited Jomon Japanese BBQ where you can order a staircase of food to grill at your table.
Read more »
Opinion | Mopping Up the Money MessFrom WSJopinion: Despite optimism about soft economic landings, the global monetary cleanup may still be rocky
Read more »
Subaru Supports Japan’s Beach Lifesavers With Foresters And Crosstreks | CarscoopsSubaru offers 32 vehicles to the Japanese LIfesaving Association car auto cars
Read more »
What to know before buying an abandoned home in JapanInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »