We’ve reached an impasse on the Japanese yen trade
What a strange time we live in.
Treasury Secretary Scott Bessent obviously leaked this picture last week ahead of yen intervention, then actually followed through late in the day. I don't know what the point of leaking it was but the market isn't exactly sure what to do next.
There has to be a plan here to get USD/JPY meaningfully lower, right? Or is the US just going to ad-lib it like the war Trump is fighting?
For now, the trade has stagnated as USD/JPY is sticking to 157.70. There has been talk about a BOJ rate hike but the vote last week wasn't particularly close and they would wreck their credibility with some kind of emergency hike now.
But if the US walks away now, it's going to invite a fresh round of USD/JPY buying and we will be right back where we started.
All told, this is now just another manipulated market like oil, shares of Intel and plenty of others under this administration's gaze.
This article was written by Adam Button at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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