Yen to continue climbing despite intervention threats, say analysts

Tokyo officials do not rule out intervention, though market watchers say it is unlikely in the run-up to the G-7 meeting

Published Mon, Apr 11, 2016 · 09:50 PM

yen

Tokyo

WARNINGS of official intervention to halt so-called "one-sided" moves of the yen don't seem to be working, as the yen moved to fresh 17-month highs on Monday, reaching 107.63 to the dollar in Tokyo trading at one point.

Market players say that any such move would be fruitless, and predicted a further strengthening of the yen.

Former Goldman Sachs senior executive Kenneth Courtis said that the yen, having gone through the "first leg" of an upward adjustment from around 125 yen to the dollar to nearer 110, is now "well engaged" in the "second leg", when it will edge to…