He is referring to the Bank of Japan and the Japanese government attempting to talk the yen down
An analyst at Mitsubishi UFJ Trust and Banking, quoted on the Bloomberg:
- Stresses in financial markets are intensifying and boosting the yen
- Japanese policymakers' jawboning against yen strength isn't very effective in this risk-off environment
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Hard to argue with him.
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Meanwhile, USD/JPY not very bouncy at all from 115:
