USD/JPY: Neutral outlook, range widens – MUFG By MSalordFX USDJPY Banks Currencies
“We still believe there is a reluctance to intervene directly in the FX market. But if the speed of the move continues and we see levels over 130.00 quickly, action is possible especially if around the time of a shift in policy from the BoJ. Rising energy prices in Japan has political implications too, just like elsewhere, and the government will not want to be seen as indifferent to this energy price squeeze being exacerbated by yen weakness ahead of the Upper House elections in July.
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