Mitsubishi UFJ: Japan May Avoid Intervention to Boost Yen
On July 1, Derek Halpenny from Mitsubishi UFJ Bank stated in a report that as the decline of the yen slows down, Japanese officials may refrain from taking intervention measures to support the currency. 'The current pace of yen selling seems acceptable, and if it continues at this rate, we may see the Ministry of Finance remain hands-off. The ministry's rhetoric regarding potential further intervention has weakened.' He noted that the one-month implied volatility of the dollar-yen exchange rate, which measures market expectations for price fluctuations, is relatively low, while Japanese government bonds remain stable and the stock market is at record highs. Therefore, he indicated that the Ministry of Finance may allow the dollar-yen rate to rise slowly. According to data from the London Stock Exchange Group, the dollar rose 0.1% to 162.62 yen, having previously reached a 40-year high of 162.83 yen.
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