Flows and Orders/JPY crosses

USD/JPY: No confirmation re stealth intervention

There was some very heavy chatter overnight that Japanese banks were involved in stealth intervention, buying USD/JPY on behalf of the Japanese central bank. Reports that many of the big Japanese corporates cancelled their sell orders simply reinforced for many the idea that the sharp rise from 77.10 was caused by Sovereign forces. I’ve heard neither confirmation nor denial today so we’ll just have to keep our ears to the ground.

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