FXStreet (Córdoba) – USD/JPY steadied below the 123.00 level after plunging more than 200 pips during the Asian session, following comments from BoJ Governor Kuroda.
BoJ Kuroda comments underpin the yen
The yen strengthened and dragged USD/JPY to a 2-week low as Kuroda said excessive yen gains have been corrected and that it is desirable that FX moves are in a range that reflects fundamentals.
Later, Japan FinMIn Amari said markets could have misinterpreted Kuroda comments as he had no intention to influence on the markets.
USD/JPY tumbled to a low of 122.45 before finding support, however, with the subsequent bounce capped by the 123.30 area, the pair entered a sideways phase. At time of writing, USD/JPY is trading at 122.70, recording a 1.29% loss on the day and more than 300 pips off its post-nonfarm payrolls high of 125.85.
(Market News Provided by FXstreet)