(Bloomberg) -- For currency traders in Japan the long weekend starting Friday won’t be much of a break as the market stays on high alert for official action ...
-- For currency traders in Japan the long weekend starting Friday won’t be much of a break as the market stays on high alert for official action after two suspected interventions this week.The Ozempic Effect: How a Weight Loss Wonder Drug Gobbled Up an Entire Economy
The ruined holidays for Tokyo traders reflect Japanese officials’ efforts to prevent the yen from depreciating even more, due in part to concern it may spark more inflation that weighs on consumer spending in Asia’s second-biggest economy. But officials have largely failed to keep the yen strong after two suspected bouts of intervention this week, with analysts pointing to the wide interest-rate gap between Japan and the US as one of the fundamental factors causing the depreciation.
“Clients may be forced to develop new strategies, and we will be ready to respond after the holidays,” said Aikawa, who is the deputy general manager at the bank’s forex and financial products trading division in Tokyo.
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