Officials Intensify Verbal Intervention, Yen Ushers in a Period of Recovery Breathing Space

```htmlGolden Ten Data reported on March 31 that Philip Wee from DBS Group Research stated in a report that the yen-dollar exchange rate appears to have some “breathing space” for recovery. The senior foreign exchange strategist pointed out that Japanese authorities have intensified their unified warnings against “disorderly” market fluctuations, referencing recent remarks from officials including Vice Minister of Finance Jun Mimura. Wee noted that Bank of Japan Governor Kazuo Ueda also emphasized the “profound” impact of excessive yen depreciation on price transmission effects. In addition, the strategist added that the yield on the 10-year U.S. Treasury bond has already declined.```