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⚠️ Japan might be gearing up for another intervention in the forex market.
The yen is currently hovering near the 2024 high of 161.96; if it breaks this level, it will reach its weakest point since December 1986.
What's noteworthy is that Japan previously unleashed a record 11.73 trillion yen (about $728 billion) to stabilize the currency, but the results haven’t been ideal.
The Japanese Finance Minister has recently reiterated that the government may take strong measures against speculative activities at any moment. However, compared to the statements made before the intervention at the end of April, this tone is noticeably more restrained.
This week, the Bank of Japan raised interest rates to the highest level since 1995, but due to the significant US-Japan interest rate differential, the yen hasn't received much support.
At the same time, the market's short positions on the yen continue to increase, now reaching a nearly year-high level.
With the U.S. June holiday causing a dip in market liquidity, any significant capital inflow could further amplify exchange rate volatility.
Right now, a lot of traders are watching the critical level of 161.96, and the market is starting to bet on whether Japan will intervene again, reminiscent of the massive forex intervention in April.
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The yen is currently hovering near the 2024 high of 161.96; if it breaks this level, it will reach its weakest point since December 1986.
What's noteworthy is that Japan previously unleashed a record 11.73 trillion yen (about $728 billion) to stabilize the currency, but the results haven’t been ideal.
The Japanese Finance Minister has recently reiterated that the government may take strong measures against speculative activities at any moment. However, compared to the statements made before the intervention at the end of April, this tone is noticeably more restrained.
This week, the Bank of Japan raised interest rates to the highest level since 1995, but due to the significant US-Japan interest rate differential, the yen hasn't received much support.
At the same time, the market's short positions on the yen continue to increase, now reaching a nearly year-high level.
With the U.S. June holiday causing a dip in market liquidity, any significant capital inflow could further amplify exchange rate volatility.
Right now, a lot of traders are watching the critical level of 161.96, and the market is starting to bet on whether Japan will intervene again, reminiscent of the massive forex intervention in April.
#japnesesecurityfirmsinvestmenttrust $ETH
#BTC突破7万大关 #ERHEREUM $BTC $
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