During the Asian session on Wednesday, the USD/JPY pair faced selling pressure, causing a partial erosion of the previous day's gains that had exceeded the 144.00 level, reaching a new high since November 2022. The spot price is currently trading around 143.80, down nearly 0.20% for the day, although any significant downward adjustments still seem elusive.
Japanese officials continue to issue warnings against the recent weakness of the Japanese Yen (JPY), which is considered a key factor driving some long-term relaxation around the USD/JPY pair. In fact, Japanese Finance Minister Shunichi Suzuki stated on Tuesday that they will closely monitor the forex market with a sense of urgency and will react accordingly if currency movements become excessive. This warning was reiterated by top Japanese currency diplomat Masato Kanda earlier this Wednesday.
Japanese officials continue to issue warnings against the recent weakness of the Japanese Yen (JPY), which is considered a key factor driving some long-term relaxation around the USD/JPY pair. In fact, Japanese Finance Minister Shunichi Suzuki stated on Tuesday that they will closely monitor the forex market with a sense of urgency and will react accordingly if currency movements become excessive. This warning was reiterated by top Japanese currency diplomat Masato Kanda earlier this Wednesday.
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