Market Shrugs Off Japan’s Attempt To Weaken Yen!
Overnight, Japan announced a $100 billion facility that is intended to help small and medium-sized businesses in Japan deal with the economic impact of a rising Yen. This is in startk contrast to the intervention they have been warning about, and the market is becoming less convinced that they may take action. While this announcement does not rule out intervention, it begs the question why this would even be necessary if the BOJ planned to try to weaken the Yen.
Look for the market to test the limits of how high the Yen can go!