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USDJPY moves on BoJ Governor Comments

Overnight the Bank of Japan Governor Kurodo said that “the Yen may not weaken much further on real effective exchange rate basis”.  The comments led to an immediate strengthening in Yen crosses, as traders interpreted the comments; that the BoJ will not be easing further in the near future.

USDJPY session high was 124.65, following Kurodo’s comments the currency pair to session lows of 1.2245. The governors comments were retracted by a Japanese official, in what has become common place, with currency moves being slowed by alternative soundbites.

USDJPY: 122.75

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