While Japanese authorities tell us not to be worried about levels, focus on the rapidity and volatility (and speculative nature) of yen moves, UBS is nominating levels to eye regardless:
- say below 148.00 in short-term value
- and that above 152.00 the rate is stretched
UBS cite US rates in their reasoning. Keep on eye on Japanese rates too though, the Bank of Japan meet October 30 - 31, and while no rate hike is expected there are some expectations of one at the December 18 - 19 meeting.
I was expecting some beefy intervention comments out of Japan yesterday. Nope: