Japanese authorities closely watching forex market moves
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Reuters reported that Japan’s top currency diplomat Masato Kanda said on Friday that he was closely watching forex market moves with a high sense of urgency and that if needed. ”Authorities remained ready to take action.”
Kanda was speaking after the dollar fell sharply overnight as US Consumer Prices Rose less than expected in October. US Consumer Price Inflation rose 0.3% MoM in October as goods prices fell and service price inflation, ex-shelter, eased. Food price inflation also moderated, rising 0.6% MoM versus 0.8% in September. With pent-up demand for risk, investors have run with the idea that the Federal Reserve will react to the report and pivot and as a result, they are stampeding away from the US Dollar.
USDJPY has plunged to a low of 140.20:
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