A sharp rebound in the starting yen due to the Nikkei average rising by 116 yen, suggests heightened caution against intervention risks - recall last October

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Finance ministers of Japan and South Korea mention the possibility of taking “appropriate measures” due to exchange rate fluctuations
Finance Minister Suzuki Shunichi and South Korea's Minister of Planning and Finance Choi Sang-mu shared “serious concerns” about recent currency depreciation in both countries, and mentioned the possibility of taking “appropriate measures” to deal with rapid fluctuations in the exchange market. The Ministry of Planning and Finance issued a statement.

Trade deficit for 3 consecutive years, 5.8 trillion yen depreciation in fiscal year 23 - Nihon Keizai Shimbun
According to the 2023 trade statistics bulletin announced by the Ministry of Finance on the 17th, the trade balance after deducting the import value from the export value was in deficit of 5,891.9 billion yen. The deficit will be the third year in a row. The deficit decreased by 73% due to the end of the rise in resource prices such as crude oil, etc., but the deficit continues due to the depreciation of the yen.

The sharp rebound of yen suggests heightened caution against intervention risks - recall last October
Regarding the sudden rebound of yen against the dollar in the New York foreign exchange market on the 16th, Nomura Securities expressed the view that this is because market vigilance is increasing against the risk of intervention by the Japanese authorities, and there is a high possibility that it is not the result of intervention by the authorities.
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