Analysis:Investors foxed by Japan's revamped FX intervention blueprint

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Analysis:Investors foxed by Japan's revamped FX intervention blueprint - Channel News Asia

Quick Summary:

LONDON/TOKYO : Japanese official buying to defend the yen is fast becoming a standard feature of the FX landscape in 2024, but authorities in Tokyo have switched up their methods, making it even trickier for investors to second-guess when and how they might step in.

MUFG FX strategist Lee Hardman said July's moves in the currency "suggest a change in strategy from Japan to be more proactive rather than reactive when providing support for the yen".

The principal driver of the 30 per cent drop in the yen in the last four years has been the discount in interest rates in Japan to those elsewhere, but, most notably, in the United States.