With the yen plummeting earlier today, after the BOJ decided to keep its YCC and abandon the yen to its collapsing fate, we said that the BOJ better intervene soon or all hell would break loose:

USDJPY 145.25. BOJ better step in or it’s about to get real

— zerohedge (@zerohedge) September 22, 2022

Two hours later, the BOJ has done just that, and after warning earlier in the session of “stealth intervention”, it decided to finally put money where its endlessly big mouth is with the first Japanese FX intervention in 24 years that was anything but stealth:

The Japanese government intervened in the foreign exchange market to prop up the yen, the country’s top currency official Masato Kanda says.Kanda, vice finance minister for international affairs, spoke to reporters after the yen climbed sharply against the dollar, erasing most of its decline following the Bank of Japan’s decision to maintain ultra-easy monetary

Keep reading this article on Zero Hedge - Blog.

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