日本财务官三村淳警告日元波动过快，USD/JPY回升逼近160
Japan’s Mimura warns yen moves are too rapid as USD/JPY pushes back toward 160
Japan's Vice Finance Minister for International Affairs Atsushi Mimura said exchange-rate moves have been too rapid in recent days, as USD/JPY rebounds toward 160. That level has twice this year triggered Japanese yen-buying intervention, in late April to early May and in late July, the latter a joint action with the United States. Pressure on the yen stems mainly from the US-Japan interest rate differential; hotter-than-expected US CPI data boosted expectations of a Fed rate hike in December, with the 10-year Treasury yield near 5%, offsetting the impact of Japan's October producer price index rising 7.1% year on year and expectations of a BOJ rate hike in December.
The Japanese currency official's warning about excessively rapid exchange-rate moves comes just as USD/JPY rebounds toward 160, the sensitive level that has twice triggered actual intervention this year; traders should closely track the escalation path of verbal intervention language. The core of current yen pressure remains the US-Japan rate differential; Treasury yields near 5% have weakened the support for the yen from rising Japanese PPI and expectations of a BOJ December rate hike, and the tug-of-war between policy risk and the rate-differential logic will dominate subsequent volatility.
梳理日本官员口头干预的措辞升级路径与今年两次实际干预的时点，帮助读者判断USD/JPY逼近160时的政策风险。
来源：ForexLive · investinglive.com