Yen Most Undervalued Among G-10 Currencies -- Market Talk

Dow Jones05-07

0258 GMT - The yen remains the most undervalued G-10 currency, and Japan will likely continue leaning against excessive JPY weakness, says Chang Wei Liang, foreign exchange and credit strategist at DBS. USD/JPY's ascent following a dovish outlook from the BOJ in April was broken by sharp two-way volatility on April 29, he says in a note. That was likely due to an unconfirmed intervention by Japanese authorities, which brought USD/JPY down to 155 from above 159, he says. Another unconfirmed intervention post-FOMC led USD/JPY to settle around 153, he says. While yen interventions by Japan are extremely rare, they are a reasonable policy tool given the currency's plummet to multidecade lows, he adds. (monica.gupta@wsj.com)

(END) Dow Jones Newswires

May 06, 2024 22:58 ET (02:58 GMT)

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