Yen firms as BOJ speech and current-account data weigh
Market talk says yen strengthened overnight, though FX intervention is unclear. MUFG’s Michael Wan points to BOJ current-account data and a speech from BOJ hawk Takata this week as a clearer driver.
It's not entirely clear if FX intervention drove the yen's sharp strengthening overnight, but BOJ current-account data suggest that wasn't the case, says MUFG's Michael Wan.
A clearer driver was a speech from BOJ hawk Takata this week that markets took as signaling that the door to an outsized rate…