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JPY recovers ground as Fin Min Aso objects to high-speed decline – TradeTheNews

FXStreet (Barcelona) - The TradeTheNews Team notes that Fin Min Aso’s comments of the Yen decline being too fast and the abrupt weakness or strength were unwelcome, chased bears out of the USD/JPY pair.

Key Quotes

“After flirting with the ¥119 handle overnight, USD/JPY has succumbed to profit-taking going into the weekend, and the latest comments Japan Finance Minister have chased a few more yen bears out of the crowded trade.”

“Fin Min Aso said the Yen decline has been too fast, and the abrupt weakness or strength were unwelcome.”

“Comments sent USD/JPY down by another 50pips below 117.40 before afternoon session recovery toward 117.80.”

“Separately, Japan PM Abe formally announced he is dissolving the lower house of parliament as widely anticipated and taking the LDP coalition into snap elections next month just when his personal cabinet approval ratings fall below 40%.”

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