Zhitong Finance APP learned that the implicit volatility of the US dollar against the Japanese yen for one week is far lower than the high of last month and has now rebounded to the intervention level in September. Investors pointed out that there are beginnings of signs that any further intervention by Japan to support the troubled yen will not have the impact as much as before.
yen has fallen for eight consecutive weeks, the longest consecutive decline since May, which triggered the Japanese Ministry of Finance to use nearly $20 billion to intervene in the foreign exchange market last month. Chris Weston, head of research at
Pepperstone, said: "Considering that everyone is paying attention to the preparation of foreign exchange intervention in various countries, the volatility of the US dollar against the Japanese yen is as low as 10.1%. As the US dollar against the Japanese yen hits a new high, the possibility of the Japanese Ministry of Finance intervening in the foreign exchange market to prevent the yen from moving forward has been increased."
yen traders are also waiting for key U.S. CPI data scheduled for Thursday. Last month's CPI data pushed the yen down as it reinforced people's bets that the Fed will continue to make big interest rate hikes.
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