Dec 20 (Reuters) - The Federal Reserve and Bank of Japan rate decisions have left USD/JPY's upward trajectory intact and that has alarmed the Japanese authorities.
The dollar soared after the Fed made a "hawkish cut", while the yen slid after the BOJ kept rates unchanged and offered few clues on its monetary outlook. The huge gap in rates between the two central banks keeps USD/JPY's overall bias on the upside.
Thursday saw USD/JPY climb 263 pips, the biggest rise since early November, to register a daily close above the 156.68 Fibo: a 76.4% retrace of the 161.96 to 139.58 2025 $(EBS)$ fall. If spot manages to sustain trading above the 156.68 Fibo, that would likely lead to even bigger gains and increase the odds of a new round of yen-buying intervention by Japan.
Finance Minister Kato said on Friday the government was "alarmed" by recent foreign exchange moves and was ready to intervene if speculative moves were deemed excessive, as the yen resumed its rapid downturn. Japan last intervened in July to support the yen when USD/JPY climbed above 161.00.
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(Martin Miller is a Reuters market analyst. The views expressed are his own)
((martin.miller@thomsonreuters.com))
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