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Idea 💡💡 for USDJPY
#USDJPY pair rose early Wednesday, posting its third consecutive day of gains. The Japanese currency was once again in the hands of dollar bulls despite huge efforts by Japanese officials to strengthen its value.
Last week, the Japanese government intervened in foreign exchange markets, buying about 60 billion dollars worth of yen. The operation was a mixed success - on the one hand, it helped the dollar-yen fall in value by about 5%, from 160.20 to 152.00 yen. But on the other hand, it showed currency speculators that Japan may not be a worthy opponent in a currency war.
Against the world's top money makers, Japan doesn't stand much of a chance. It has limited resources and could be vulnerable to attacks that could destroy the yen. A concerted effort by dollar bulls - such as the one the markets are witnessing now - could pave the way for a yen appreciation, causing further misery and headaches for Japanese officials
Last week, the Japanese government intervened in foreign exchange markets, buying about 60 billion dollars worth of yen. The operation was a mixed success - on the one hand, it helped the dollar-yen fall in value by about 5%, from 160.20 to 152.00 yen. But on the other hand, it showed currency speculators that Japan may not be a worthy opponent in a currency war.
Against the world's top money makers, Japan doesn't stand much of a chance. It has limited resources and could be vulnerable to attacks that could destroy the yen. A concerted effort by dollar bulls - such as the one the markets are witnessing now - could pave the way for a yen appreciation, causing further misery and headaches for Japanese officials
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