Japanese Finance Minister Ready to Intervene in Forex Market Ahead of BoJ Decision

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On April 28, Japan’s Finance Minister stated that authorities are prepared to respond to fluctuations in the foreign exchange market at any time, a move seen as a warning to speculators just hours before the Bank of Japan announces its policy decision. “I have always mentioned that decisive action will be taken when necessary,” Finance Minister Shunichi Suzuki said on Tuesday. When asked if the government remains vigilant during the upcoming Golden Week holiday, she added, “We are ready to respond at any time.” The Bank of Japan is expected to announce its latest interest rate decision in a few hours, with the market widely anticipating no change. The voting results will be a focal point, as the market assesses the possibility of a rate hike in June. The statements from Governor Kazuo Ueda during the post-decision press conference will also be closely analyzed. According to overnight swap market pricing, the probability of a rate hike on Tuesday is less than 3%, while the probability for June has risen to 65%. The USD/JPY is currently trading around 159.5, close to the level at which authorities might intervene in the forex market in 2024. (Dongxin News Agency)

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