The most striking aspect of the yen's decline over the past few weeks is how orderly the price action has been, says Sean Callow, senior FX analyst at InTouch Capital Markets. The dollar-yen pair has ground gently higher, and not shown the excessive volatility that Japanese authorities like to point to in order to justify intervention, he adds. The pullback in oil prices should be helping the yen in the background, but the main story is still interest rates, Callow says. Solid U.S. data has reinforced pricing for the Fed to raise rates this year, and while the BOJ acted in June, 1% is not an attractive yield for a currency already around 40-year lows versus the dollar, Callow says. (james.glynn@wsj.com; X @JamesGlynnWSJ)
Dow Jones Newswires
Yen's Decline Has Been Strikingly Casual, ITC Says — Market Talk
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The most striking aspect of the yen's decline over the past few weeks is how orderly the price action has been, says Sean Callow, senior FX analyst at InTouch Capital Markets. The dollar-yen pair has ground gently higher, and not shown the excessive volatility that Japanese authorities like to poin…