Coming up today, Tuesday, 12 July 2022:

On the discussion agenda according to US Treasury:

  • Yellen will discuss ways to further strengthen Western sanctions against Russia
  • working with Japan and other trusted partners to build stronger and more resilient supply chains

An official in Japan added:

  • "Currencies will be discussed as one of various issues"
  • Authorities will keep close watch on currencies with a sense of urgency
  • What matters most in judging any response to currencies is not their levels but the velocity of their moves

The Japanese focus is clearly on combatting the ever-weakening yen. Justin's assessment of the

  • likelihood of any intervention schematics on the yen by Japan is piddling in my view.

:-D

yellen suzuki yen 12 July 2022

Also on the agenda will be setting a price cap on Russian oil.