TechFlow, December 23 — According to Jinshi Data, on Tuesday the yen led among G10 currencies. Japanese Finance Minister Kamikawa Toshimitsu said in an interview that if exchange rate movements deviate from fundamentals, the government has "discretion" to take bold action, a comment that subsequently strengthened the yen. Institutional strategists believe that after the finance minister's strong remarks only slightly weakened the dollar against the yen, foreign exchange traders will remain vigilant for the next phase of Japanese intervention, which could involve surprise interest rate checks. Although the dollar softened this week against the euro, pound, and Australian dollar—helping curb its gains versus the yen—the yen may still remain a favored short target among G10 cross-currency trades if the Bank of Japan does not accelerate its pace of rate hikes.
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