Technical Analysis

Japan finance minister Suzuki says he hasn’t heard anything on BOJ Gov nominations yet

Suzuki is aware of the report in the Nikkei and the response of the yen, lower in very early Asian Monday:

USD/JPY above 132 in early Monday Asia trade, 06 February 2023 – chart

Japan’s Nikkei carried the report saying that

  • Japan’s government has approached Bank of Japan Deputy Gov. Masayoshi Amamiya as a possible successor to central bank chief Haruhiko Kuroda, people familiar with the matter said,

Earlier post on this is here.

The Nikkei report has seen USD/JPY marked 150 or so points higher than its Friday close in NY. Suzuki is on the media parade saying he hasn’t heard anything about Amamiya yet. Suzuki will not be happy about the rapid yen move and is trying to water it daon. Indeed, USD/JPY has dipped back towards 132.00.

This is a very thin liquidity time of the forex week. Its just after 7am in Tokyo, 6am in Singapore and Hong Kong. And Sunday evening in Europe/UK and late afternoon on the US east coast. Only Australian markets are active. New Zealand would normally be in but it’s a market holiday there today. Which all means wide spreads and extended moves.

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