“Japan Would Not Have A Crisis For The Next 4-5 Years…” – Mr. Yen

(JP) Prelim GDP growth in Q1 GDP was 1.0% while annualized rose to 4.1% better than the 3.5% expected. The positive readings also assuaged fears of a technical recession. Exports and private consumption also showed a marked improvement.


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(JP) Former MoF official Sakakibara (‘Mr Yen’) commented on CNBC that Japan would not have a crisis for the next 4-5 years. Current USD/JPY levels were not an issue for exporters but could be if it moved below 70 handle. He believed the JPY could strengthen towards 78 for a while.

How to interpret this information?

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The short-term trend for JPY may be stronger than USD… we are already seeing the effects of today’s news as USDJPY dipped below the 79.50 joint-intervention levels, therefore I’d recommend to BUY JPY or SELL any JPY crosses on consolidation; however USDJPY may remain in a tight range as US outlook still remains sound.

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