There is view that speculative Yen short positions unwinding rapidly

Japan’s top currency diplomat Masato Kanda came out with a verbal intervention, as the Japanese Yen is on a recovery mode so far this week.

Key quotes

Closely watching FX market moves.

There is view that speculative Yen short positions unwinding rapidly.

There is view that deflationary norm may be changing.

Market reaction

At the time of writing, USD/JPY is trading at 138.35, down 0.12% on the day.