Watching markets "to see if there are speculative moves" – Japan’s currency chief Asakawa

Yen’s sharp rally despite BOJ's negative rates surprise has caught many by surprise including BOJ members and Japanese government officials.

The latest attempt at verbal intervention comes from Japanese government’s currency chief Asakawa who said the government is watching markets to see if the speculative moves are behind the sharp appreciation in Yen.

On Wednesday, wires were reporting a possible old school FX intervention from BOJ. However, nothing has been able to stop Yen rally so far.