BNY Says Coordinated Intervention Did Little to Lift Yen Exposure
BNY's Geoff Yu notes that joint FX intervention has not significantly increased foreign investors' exposure to the Japanese yen, with net long positions well below first-half levels.
JPYUSDJPY
Coordinated foreign exchange intervention has so far failed to meaningfully boost foreign investor exposure to the Japanese yen, according to BNY’s Geoff Yu. The strategist noted that while investors remain net long on the currency, those positions are now at significantly lower levels than in the first half of the year.
Yu’s assessment suggests that follow-up policy steps may be needed to revive demand for the yen, as the impact of recent joint market operations appears muted.
Source: FXStreet Forex News