JPY 01 (May 08 - Oct 11)

[winston]

JPY @ 84.62 now. Let them spend their bullets first...

Moves to weaken yen not over, says Kan By Mure Dickie and Michiyo Nakamoto

Tokyo, Japan (FT) -- Japan stands ready to intervene again in foreign exchange markets but also plans to put in place broader economic and monetary policies that will help to weaken the yen, according to Naoto Kan, the prime minister.

In an interview with the Financial Times, Mr. Kan stressed that Tokyo's yen-selling intervention last week was forced by "drastic" exchange rate moves, a reference to the 15-year highs Japan's currency hit against the dollar following his victory in a ruling party leadership battle.

Mr. Kan said there was a "common recognition" among G-20 nations that overly rapid currency movements were undesirable and that he would seek to promote understanding of Japan's action in New York this week.

While some European and US politicians have criticized Tokyo for acting unilaterally, Mr Kan made clear his government was ready to continue to intervene alone if necessary.

In his first interview since becoming prime minister in June, he said: "If there is a drastic change (in the currency), such intervention is unavoidable".

But Mr. Kan stressed that Tokyo wanted to create a "total" package of measures to expand domestic demand and encourage a more appropriate currency level. One possibility, he said, was to use the yen's strength to invest in natural resources overseas, adding that continued efforts by the Bank of Japan to set appropriate monetary policy were also essential.

"I think it is necessary to combine economic policy and monetary policies that will be conducive to ... a (yen exchange rate) slightly lower than the current level," Mr. Kan said.


http://edition.cnn.com/2010/BUSINESS/09 ... l?hpt=Sbin

[kennynah]

Thot u might wana relook at jpy, /J7, again...just look at a simply candle daily chart ..

[eauyong]

Double standard all along....hypocrites all around as suspected!!

09/23 20:23 No Particular Discussion On FX Intervention Between Kan-Obama

TOKYO, Sep 24 (IFR) - According to the story over the Japanese Kyodo wire, Japan PM Kan and US President Obama did not discuss FX when they met in New York yesterday. No particular mention of FX was made according to a Japanese official. The lack of any specific mention of intervention at the meeting suggests Japan had already received the tacit blessing of the US for the move.

Though probably against such tactics in philosophy, the US probably sympathized with the reality of the situation - Japan's reliance on exports to keep to its economy going, and that this was probably more important and currency intervention per se.

Granted, the US is unlikely to take part in any concerted move to weaken JPY but for now, it seems the US will refrain from any explicit criticism.

Source: thomsonreuters

[eauyong]

Look at 12:15

DOLLAR-YEN: The greenback spikes higher, clearing back above Y85.00, with traders saying buying from Tokyo banks, with MOF/BOJ intervention cited, but not confirmed. pair trades Y85.22

Market News International.

[kennynah]

watch the yen as it approaches a trendline resistance at ~0.0112 level....

[kennynah]

actually....i;m quite tempted to do the exact opposite of the obvious trade....ie, go Long...

[kennynah]

ho say liao....yen suddenly cheong-ded up at 131pm....

why? i duno...i dun care....only that it cheong....

[iam802]

bcos Ultraman makes a move and defeated the monster.

So, the market cheong..

[kennynah]

hahaha.... ultraray shoot the market....get power from planet #802

[kennynah]

enuf lah....closed off.... a few biru to lim for nxt few days....