Yen Bears Stay on Intervention Alert Even as Efficacy Questioned [BNN Bloomberg (Canada)]
Mizuho Financial Group, Inc. Sponosred ADR (Japan) (MFG)
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Source: BNN Bloomberg
But the yen shed some of its gains in Asian hours after advancing more than 3% against the dollar in late New York trading, reflecting trader skepticism that authorities will be able to prevent the currency from sliding for long. A wide interest-rate gap between Japan and the US will likely keep pressure on the yen, analysts say. The Japanese currency has dropped to around 156.00 after surging more than 3% to 153.04 per dollar. Japan's top currency official Masato Kanda said early Thursday that he had nothing to say on whether authorities intervened in the foreign-exchange market. Here's what analysts and strategists had to say: Calvin Yeoh, portfolio manager at Blue Edge Advisors: “It's going to always be about volatility. A retest of the 160 level will see the yen get bought with or without intervention for now. After that we can see new lows sustained on a slow grind but surely any spikes lower calls the MOF to loudly intervene.” Yeoh took profit on his short yen positions
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- 5/15/24 - Form 6-K
- MFG's page on the SEC website