ForexLive Asia-Pacific FX news wrap: USD/JPY lower, Japan officials' verbal intervention

<p>Japan / yen:</p><ul><li><a href="https://www.forexlive.com/centralbank/japans-kanda-says-concerned-about-sharp-one-sided-fx-moves-that-negatively-impact-economy-20231101/">Japan's Kanda says concerned about sharp one-sided FX moves that negatively impact economy</a></li><li><a href="https://www.forexlive.com/centralbank/japans-matsuno-says-rapid-fx-moves-are-undesirable-20231101/">Japan's Matsuno says rapid FX moves are undesirable</a></li><li><a href="https://www.forexlive.com/news/japan-october-final-manufacturing-pmi-487-preliminary-was-485-20231101/">Japan October final manufacturing PMI 48.7 (preliminary was 48.5)</a></li><li><a href="https://www.forexlive.com/centralbank/boj-will-leave-interest-rates-on-hold-until-q2-2024-at-the-earliest-20231031/">"BoJ will leave interest rates on hold until Q2 2024 at the earliest"</a></li><li><a href="https://www.forexlive.com/centralbank/usdjpy-a-little-lower-after-verbal-intervention-from-japan-suzuki-kanda-20231031/">USD/JPY a little lower after verbal intervention from Japan – Suzuki, Kanda</a></li><li><a href="https://www.forexlive.com/centralbank/japans-mr-yen-kanda-says-concerned-about-one-sided-sharp-fx-moves-20231031/">Japan's Mr Yen Kanda says concerned about one-sided sharp FX moves</a></li><li><a href="https://www.forexlive.com/centralbank/japan-finance-minister-suzuki-has-no-comment-on-the-weak-yen-20231031/">Japan finance minister Suzuki has no comment on the weak yen</a></li></ul><p>Other:</p><ul><li><a href="https://www.forexlive.com/news/us-ism-manufacturing-pmi-due-wednesday-range-of-estimates-also-adp-employment-20231101/">US ISM Manufacturing PMI due Wednesday – range of estimates (Also ADP employment)</a></li><li><a href="https://www.forexlive.com/centralbank/snbs-jordan-is-speaking-on-wednesday-20231101/">SNB's Jordan is speaking on Wednesday</a></li><li><a href="https://www.forexlive.com/news/chinas-october-caixin-manufacturing-pmi-495-vs-508-expected-20231101/">China's October Caixin Manufacturing PMI 49.5 (vs. 50.8 expected)</a></li><li><a href="https://www.forexlive.com/centralbank/pboc-sets-usd-cny-reference-rate-for-today-at-71778-vs-estimate-at-73327-20231101/">PBOC sets USD/ CNY reference rate for today at 7.1778 (vs. estimate at 7.3327)</a></li><li><a href="https://www.forexlive.com/news/australian-building-approvals-for-september-46-mm-expected-13-20231101/">Australian Building Approvals for September: -4.6% m/m (expected +1.3%)</a></li><li><a href="https://www.forexlive.com/centralbank/rbnzs-hawkesby-speaking-on-financial-stability-china-jobs-20231101/">RBNZ's Hawkesby speaking on financial stability, China, jobs</a></li><li><a href="https://www.forexlive.com/centralbank/imf-tells-the-rba-to-hike-interest-rates-higher-and-hold-em-high-for-longer-20231101/">IMF tells the RBA to hike interest rates higher, and hold 'em high for longer</a></li><li><a href="https://www.forexlive.com/centralbank/ecbs-muller-says-inflation-will-continue-to-fall-over-the-coming-two-years-20231031/">ECB's Muller says inflation will continue to fall over the coming two years</a></li><li><a href="https://www.forexlive.com/centralbank/china-says-it-will-set-up-a-system-to-resolve-its-local-government-debt-risks-20231031/">China says it will set up a system to resolve its local government debt risks</a></li><li><a href="https://www.forexlive.com/news/australian-final-manufacturing-pmi-for-october-482-prior-487-20231031/">Australian final manufacturing PMI for October: 48.2 (prior 48.7)</a></li><li><a href="https://www.forexlive.com/news/new-zealand-q3-unemployment-rate-39-vs-39-expected-20231031/">New Zealand Q3 unemployment rate 3.9% (vs. 3.9% expected)</a></li><li><a href="https://www.forexlive.com/centralbank/jp-morgan-says-full-impact-of-federal-reserve-rate-hikes-still-to-hit-20231031/">JP Morgan says full impact of Federal Reserve rate hikes still to hit</a></li><li><a href="https://www.forexlive.com/news/forexlive-americas-fx-news-wrap-31-oct-one-more-day-for-the-fed-decision-goodbye-oct-20231031/">Forexlive Americas FX news wrap 31 Oct: One more day for the Fed decision. Goodbye Oct.</a></li><li><a href="https://www.forexlive.com/news/us-sec-state-blinken-arrives-in-israel-on-friday-to-meet-pm-netanyahu-other-officials-20231031/">US Sec State Blinken arrives in Israel on Friday, to meet PM Netanyahu, other officials</a></li><li><a href="https://www.forexlive.com/news/oil-private-survey-of-inventory-shows-headline-crude-build-near-what-was-expected-20231031/">Oil – private survey of inventory shows headline crude build near what was expected</a></li><li><a href="https://www.forexlive.com/news/trade-ideas-thread-wednesday-1-november-2023-20231031/">Trade ideas thread – Wednesday, 1 November 2023</a></li></ul><p>
USD/JPY
pulled back from highs around 151.70 late in the US afternoon,
dragged down by some verbal intervention from Japanese officials:
Finance Ministry's Vice Finance Minister for International Affairs
Kanda, Finance Minister Suzuki, and Chief Cabinet Secretary Matsuno.
Kanda ramped up the rhetoric with more forceful language, speaking
of:</p><ul><li>One-sided,
sharp moves</li><li>Speculative
moves</li><li>Disorderly
moves</li><li>Won't
rule out any steps to respond</li></ul><p>USD/JPY
has dribbled down to lows under 151.20 as I post.</p><p>AUD
and NZD initially lost ground against the USD but both have since
retraced to be very little changed on the session. NZD/USD lost
ground after the Q3 employment report showed wage gains below median
estimates while the unemployment rate rose from the previous report
for Q2. It was nevertheless not a large range for the Kiwi $. The
Reserve Bank of New Zealand released its latest Financial Stability
Report, and held a press conference after. There were no new major
comments on the outlook for monetary policy.</p><p>We
had S&amp;P Global manufacturing PMIs for October today from
Australia, Japan, and China. The Australian and Japanese PMIs
remained in contraction while the one from China fell into
contraction from expansion in September.
</p>

This article was written by Eamonn Sheridan at www.forexlive.com.