Former Japan’s top fx diplomat: Tokyo unlikely to intervene to stem yen rises

Naoyuki Shinohara, an ex-IMF deputy chief and formerly Japan's top currency diplomat crossed the wires last minutes, noting that the Japanese government intervention is unlikely in the fx market to curb a stronger yen.

Key Quotes:

Tokyo unlikely to intervene in market to stem yen rises

Conducting solo yen-selling intervention now would be ineffective, unlikely to gain G7 consent

Hard to change with FX intervention current dollar/yen declining trend, which reflects fundamentals

Hard to find any factors justifying yen-selling intervention

It's clear yen isn't extremely strong on a real, effective basis