US and Japan Face-off at G7 Summit

Andamento del mercato - 23/05/2016

As was widely expected, the G7 summit was overshadowed by the stand-off between the United States and Japan over currency intervention policies. Ever since the US Treasury released its semi-annual currency report naming Japan among other countries pursuing policies aimed at artificially keeping the exchange rate low, officials in Tokyo and Washington have been engaged in recurring verbal salvos. The weekend’s G7 summit hosted by Japan saw the US release a statement noting that Tokyo did not have any justification to intervene in the market in order to stem the yen's exchange rate, stating that the currency moves were "orderly" against Japan's claims of calling the currency moves in yen "disorderly."

The difference in perspective between American and Japanese financial administrators regarding monetary intervention, its catalysts and causes will likely serve to forge the leading financial trends of the next few years. Japan's finance minister Taro Aso recently stated, in a move perpendicular to his peers, that the currency moves in yen were one-sided and speculative, and he has maintained that officials could intervene in the markets only if yen appreciation grows out of control or appreciates without sign of stoppage. The markets have been closely following these developments, as the Japanese yen gained 9.17% against the US dollar on a year-to-date basis and is the top performing currency across the international board. At last glance, the USDJPY pair managed to move slightly up towards 109.474.


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