Forex - USD/JPY Flows: MoF's Asakawa getting the wrong end of the 'speculative' trade


 09:44 (GMT) 13 Feb

  [Forex Flows]

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USD/JPY Flows: MoF's Asakawa getting the wrong end of the 'speculative' trade (0100-XMQR-C01)

MoF's Asakawa says he will 'closely watch' whether current JPY strength is being driven by speculation, but judging by the CFTC positioning data the major reason is the unwinding of what are seen as speculative trades, at least on the IMM. We doubt that will stop the Ministry from making its feelings plain, especially if they want to pick up on the recent complaint from the ECB's Nowotny that the US Treasury Dept is deliberately looking to engineer a weaker USD.


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