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Sunday, October 30, 2011
BOJ Intervention Bounces Dollar/Yen Over 78
Minutes ago, the BOJ performed intervention in the currency markets to weaken the yen (dollar/yen up). The 75.35 low print recently is a post-war high for the yen. The dollar/yen moved from under 76 to over 78 in a heartbeat as shown in the chart. Typically, these moves do not last long and the dollar/yen tends to leak back down to where the intervention began. Japan Finance Minister said he will intervene again as needed. U.S. futures point to a lower open for Monday morning currently.
Note Added 10/30/11 at 10:31 PM: Last dollar/yen print is 79.12 with a 4.2% move.
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