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Currency strengthened past ¥140 against dollar, erasing entirety of its fall in June
Currency close to levels of last market intervention by Tokyo
Japanese authorities promise to ‘respond appropriately’ if currency drop becomes excessive
Credible government policies, deployed rapidly, are key
Godwin Emefiele’s contentious policies raised doubts over the instituition’s independence
Waiting until there is a crisis and then deploying ad hoc measures is not good enough
While intervening in bank runs limits the damage, it dilutes the incentive to guard against financial risks
Some former monetary policymakers fear narrow focus on damping price pressures could exacerbate panic
“Whatever i̶t̶ ̶t̶a̶k̶e̶s̶” - SNB
Data comes as central bank contends with broader concerns about how rising interest rates have affected lenders
Regulators have moved to bail out depositors of SVB and Signature Bank without the help of taxpayers
Or how to buy bonds while still tightening policy
Making a loss is sometimes the price to pay for keeping economies stable in extraordinary times
Institutions are scrambling to rebuild their toolkits to deal with the new regime
People’s Bank of China uses ‘invisible reserves’ to manage currency fluctuations
Change by Japan’s central bank to controversial yield curve control triggers sell-off in sovereign debt
‘Major surprise’ sends yen roaring higher and pushes Tokyo stocks lower
Wellington’s ultra-hawkish crusade against inflation clashes with Canberra’s hope for a soft landing
Investors are keeping a close eye on areas ranging from US Treasury market illiquidity to Japanese government debt
Government intervened after currency tumbled to 32-year low against the dollar
RIP YCC?
Japanese authorities spent an estimated $30bn last week to prop up the currency
Officials have suggested the government has ‘limitless’ funds to defend the country’s currency
Depreciation of Japan’s currency has investors on alert for further government intervention
Japan’s currency moves past ¥145.90 per dollar level that prompted action last month
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