USD/JPY a little lower after verbal intervention from Japan – Suzuki, Kanda

<p>Suzuki didn't have much to say:</p><ul><li><a href="https://www.forexlive.com/centralbank/japan-finance-minister-suzuki-has-no-comment-on-the-weak-yen-20231031/" target="_blank" rel="follow" data-article-link="true">Japan finance minister Suzuki has no comment on the weak yen</a></li></ul><p>But he unleashed his attack-underling 'Mr. Yen' Kanda:</p><ul><li><a href="https://www.forexlive.com/centralbank/japans-mr-yen-kanda-says-concerned-about-one-sided-sharp-fx-moves-20231031/" target="_blank" rel="follow" data-article-link="true">Japan's Mr Yen Kanda says concerned about one-sided sharp FX moves</a></li><li>and more: standing by but no comment on when and what when asked about possible steps to be taken including intervention</li></ul><p>Interestingly Kanda said he didn't intervene in the yen last month, Justin broke this yesterday:</p><ul><li><a href="https://www.forexlive.com/news/japan-did-not-spend-on-fx-intervention-in-the-four-weeks-to-27-october-20231031/" target="_blank" rel="follow" data-article-link="true">Japan did not spend on FX intervention in the four weeks to 27 October</a></li></ul><p>Hat's off to Japanese authorities, they managed to hold USD/JPY around 150 for weeks without, if they are to be believed, spending anything on intervention. Its surged after yesterday's BOJ decision. As I said yesterday:</p><ul><li>The last time the Bank of Japan allowed an expanded range for the 10 year JGB yield tolerance band the Bank explained this was to make ultra-easy policy more sustainable. Today the BOJ set the 1% cap more firmly in place, cementing that reasoning, it looks like loose policy is set in place for still some time to come.</li></ul><p>Will Suzuki and his team at the MoF use the same 'verbal intervention' playbook again ahead of say, 152, on USD/JPY?</p>

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