USD/JPY falls dramatically after a Japanese official says recent foreign exchange fluctuations are "very concerning."

The recent Forex market (FX) moves are immensely fretting, "said an official from Japan's finance ministry on Thursday.

April 28, 2022 - 06:19 PM 261 views

USD/JPY falls dramatically after a Japanese official says recent foreign exchange fluctuations are "very concerning."

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© USD/JPY falls dramatically after a Japanese official says recent foreign exchange fluctuations are "very concerning."

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The recent Forex market (FX) moves are immensely fretting, "said an official from Japan's finance ministry on Thursday.

      Additional comments include:

·        On a fundamental basis, it’s highly important for the Forex (FX) movements to remain stable.

·        Having excess volatility is not a good thing.

·        It’s crucial to take an appropriate action.

·        We need to have a close communication with the Bank of Japan (BOJ) and other currency authority countries in the world.

The Market Reaction

Previously, the USD/JPY pair traded at 130.50, but now it has dropped to nearly 65 pips and is now trading at a low of 130.20. This is because of an immediate reaction to Japanese jawboning.

Currently, the spot is trading at 130.56, which is up by 1.65% on the day and for the first time in the last 20 years, the spot touched 131.00 points.

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