MoF/BoJ re-enter FX market
Minutes after 8am (Tokyo time) last Tuesday (September 30) the Ministry of Finance (MoF)/Bank of Japan (BoJ) re-entered the FX market and pushed US dollar/yen up from the mid-110 level to briefly touch 112. A second round of intervention, this time with assistance from the US Federal Reserve, followed in New York shortly after the release of weak Chicago PMI numbers threatened to drive the cross below the 110 line as the euro/dollar moved up to 1.1725.
The immediate impact was a rapid gain to
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