Tuesday, December 20, 2011

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Intervention fears rise as Japan expands FX war chest

The Japanese government on Tuesday increased the amount it is allowed to borrow from the market to finance foreign exchange intervention, raising speculation that Tokyo could be planning to intervene to weaken the yen over the holiday period.

The government announced it would increase its FX war chest by lifting the ceiling for Financing Bill issuance for yen-selling intervention from ¥165 trillion to ¥195 trillion in its fourth supplementary budget.

It echoed a similar move from Tokyo to improve its FX capabilities in its third supplementary budget in October, when it raised its war chest by ¥15 trillion ahead of the record yen-selling intervention it undertook on October 31.

Analysts said, given that Tokyo had only used up about ¥125 trillion of its original fund, it still had a substantial ¥70 trillion to deploy in the currency market.

The yen is the best-performing large currency during the past six months and year to date, benefiting as rising....

Read the full article on EuromoneyFXNews.com

Euromoney’s 2012 FX survey results

China’s $1.7 trillion hangover

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