(JP) Japan Fin Min Azumi: Main topic was about Europe and G7 agreed to work together on Spain and Greece
How to interpret this headline?
I believe the reason why JPY was sold off after Azumi’s comments was because of the speculation that Japan may call upon the G7 nations for another joint jpy intervention, this is following the sneaky ninja like jpy intervention that took place right after Friday’s US Nonfarm Payroll Employment release, and is adding to the overwhelming speculation that BOJ is going to try some thing soon…
Therefore, in light of this new development, I’m going to stay away from any further JPY buying (i.e. shorting GBPJPY, EURJPY, etc…) but instead focusing on a potential rebound as the market could very well push USDJPY above the 80.00 level, a level where BOJ would feel comfortable.
G7 Joint JPY Intervention On The Horizon?
June 5, 2012 by 2 Comments