EBS outage sparks BoJ rumours

Traders in New York and London noted that before the outage, which occurred for a few seconds between 2pm and 2.30pm London time last Wednesday (January 7), there had been huge yen bids at the 106.1517 level -- just above a threshold at 106 [yen per dollar] the BoJ was thought to be defending. When the system came back up, the rate had sunk to 105.90.

However, a spokesperson at EBS stressed that the outage affected only "a very limited number of customers -- under 10". Jack Jeffery, chief ex