USD/JPY sees a bit of a quick dip to just under 151.50 now as this sudden meeting is called. It will take place in a little over 10 minutes from now with Japan top currency diplomat Kanda to brief the media after. That is a quick change of thinking after his earlier comments here.
Typically, one can expect Kanda to reaffirm the same kind of verbal intervention that we have been getting all day. And I wouldn’t expect that to be different this time around. If anything else, they should just reiterate that all options are on the table in a bit of a warning that they could step in to intervene. But they won’t announce that outright or make that explicit by any means.
As for the timing of such a move, just be careful of the Easter break that is coming up. Thinner liquidity conditions might open up for such an invitation for Japanese authorities.
This article was written by Justin Low at www.forexlive.com.