Japan intervenes in FX market first time in 6yrs buying 2 to 6 billion + of USD (buying 10million USD per lot). Don't worry China will be hot on the heels buying USD too and if needed buying YEN.
It's getting hot. Asia will start devaluing it's currencies...the war has begun.
Anyone shorting the USD whilst Asia buys (why? Asia FX reserves are a lot of ammo) is gonna get destroyed.
USD is bid
*personally with market intervention (gov/central bank) critique aside. Japan's tactic was a smart one, made the market sweat on possible intervention (for weeks); with the USD weakened in the last 5days. What better way to 'freak' the market. Shorts will cover, USD will be bid and the BoJ may rack up a profit...but then there is China with huge YEN reserves.
Shit is getting interesting.
The Chinese should buy Yen and sell US treasury to the Japanese. They say govt intervention is like a drop in the Ocean. wont work.
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