Ex-Japan’s FX interventionist: Current weak yen is detrimental to the economy

Takehiko Nakao, a former Japanese Vice Finance Minister for International Affairs, warned in a statement on Thursday, the current weak yen is detrimental to the economy.

USD/JPY witnessed a fresh sell-off in the last hour, as some stops seemed to have triggered following a break below 135.50. Meanwhile, the return of risk-off flows also lifted the demand for the safe-haven yen. The pair is almost 100-pips down from its daily high of 136.27, currently trading at 135.40, down 0.63% on the day. The daily low was clocked at 135.15.

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