'FX Vigilantes' Strike - Yen Suddenly Crashes To April 1990 Lows Against The Dollar [zero hedge]
Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG)
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Source: zero hedge
'FX Vigilantes' Strike - Yen Suddenly Crashes To April 1990 Lows Against The Dollar The yen crashed in early Asia trading, tumbling to match is exact lows from April 1990 in what is being blamed on a 'fat finger' trade or multiple barrier-option trades being triggered, by sources that have literally no idea. The plunge extended Friday's big drop which followed BoJ Governor Ueda's apparent lack of interest in doing anything about the yen's decline , claiming it had 'no impact' on the currency's inflation picture. “Currency rates is not a target of monetary policy to directly control,” he said. “But currency volatility could be an important factor in impacting the economy and prices. If the impact on underlying inflation becomes too big to ignore, it may be a reason to adjust monetary policy.” In fact, policymakers have repeatedly warned that depreciation won’t be tolerated if it goes too far too fast. Finance Minister Shunichi Suzuki reiterated after the BoJ meeting that the government
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