ForexLive Asia-Pacific FX news wrap: Japan fin min verbal intervention to support yen

• FX option expiries for 7 January 10am New York cut
• Nvidia CEO Jensen Huang unveiled a new series of gaming chips
• The PBoC is steadfast in not allowing further yuan weakness – here’s why
• Recap – Japan’s Finance Minister warns against speculative yen selling
• Fed’s Barkin speaking on Economic Forecast on Tuesday
• Japan verbal intervention to support the yen – Fin Min Kato will take action
• USD/JPY above 158.40 – when do we get intervention remarks from authorities?
• Canada is considering early announcement of retaliatory tariffs on U.S. goods
• Canada politics – Mark Carney will consider running in the leadership race
• PBOC sets USD/ CNY central rate at 7.1879 (vs. estimate at 7.2994)
• China’s NDRC, PBOC, MoF to hold a briefing on Wednesday – economic matters
• USD/JPY has hit its highest since July 2024
• Australian November 2024 Building Permits -3.6% m/m (vs. -1.0% expected)
• UK retail sales data for December jumps much higher
• Goldman Sachs trim 2025 Federal Reserve rate cut forecast, now expect 75bp (100 prior)
• TD remain bearish on CAD
• North Korea is planning to launch an ICBM before trump’s inauguration
• More on Goldman Sachs cutting their 2025 gold price forecast
• Australian consumer confidence, weekly survey, jumped in the first week of 2025
• ICYMI – German December inflation came in much higher than estimated
• Forexlive Americas FX news wrap 6 Jan: Canada PM Trudeau to step down
• ICYMI – OPEC’s crude oil production declined in December, driven primarily by the UAE
• US stocks close mixed. Dow down modestly. Nasdaq leads.
• Trade ideas thread – Tuesday, 7 January, insightful charts, technical analysis, ideas

USD/JPY
rose to its highest since the middle of July 2024, hitting just over
158.40, before Japanese finance minister Kato weighed in with some
verbal intervention to support the yen. Kato emphasised that the
government is alarmed by sharp, one-sided moves in the foreign
exchange market, particularly those driven by speculators, and is
prepared to take action against excessive volatility.

USD/JPY
has since dribbled back down to under 158.15 as I update.

Apart
from this news and data flow was very light.

Major
FX has traded in subdued ranges, characterised by a touch of USD
weakness.

This article was written by Eamonn Sheridan at www.forexlive.com.