01 September 2023, USD/JPY
USDJPY trading plan:
Japanese Finance Minister Shunichi Suzuki said that currencies should be set by markets although sudden moves are undesirable, while signalling no clear sign of intervening in the market to shore up the weak yen, which is driving up import bills. "Currencies should reflect economic fundamentals. I'm closely watching currency moves," Suzuki told reporters, toeing the standard official line. Some market players were surprised by the lack of determination to keep the yen from falling beyond 145 yen to the dollar. A breach of that level last September triggered Japan's first yen-buying intervention in 24 years. Speculation is lingering in currency markets that Japanese authorities may change tack on the weak yen by focusing on fiscal policy measures, such as maintaining a gasoline subsidy to mitigate the impact of price hikes on consumers. Authorities also say the weaker yen is helping attract more foreign tourists, buying the services sector.
Investment idea: range 145.00 -146.00.
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