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      Forex Flash: Yen bounced off G7 concerns – OCBC Bank

      Emmanuel Ng of OCBC Bank notes that the Yen bounced against majors on Tuesday as concerns/confusion towards G7 discomfort over Yen weakness mounted ahead of the G20 weekend.

      He comments that while a G7 statement on foreign exchange rates released on Tuesday did not target Japan but reaffirmed a commitment to market-determined exchange rates, an unnamed G7 official noted that the statement was a reference to the Yen. Elsewhere, he sees that the majors ended slightly higher on the dollar as the greenback fell against the JPY and with risk appetite levels still in positive territory.

      He thinks that any concerted G7 stance on the latest global currency developments may remain somewhat lacking at this juncture, with confusing and contradicting comments in the past few sessions from officials in the US, Japan, Canada, and even France, Germany, and Switzerland demonstrating a less than unified stance. He writes, “Notably, the ECB’s Draghi also played down talk of any currency wars while the SNB indicated that it expected the CHF to continue to weaken. Ahead, the focus may shift to the BOJ meeting tomorrow with investors on the lookout for further dovish rhetoric.”

      Forex Flash: New Zealand current account is deteriorating – Societe Generale

      Sebastien Galy, Senior FX Strategist at Societe Generale notes that New Zealand tried to give a bearish punt on NZD and failed.
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      Forex Flash: Economic recovery in Japan shared by the world – UBS

      Nakao, Japan's Vice Finance Minister for International Affairs, would not be drawn on the bourgeoning controversy surrounding the G7 overnight, and declined to speculate on the identity of the fabled mystery source. Prime Minister Abe however tried a new approach to justify his economic policy agenda, saying that an economic recovery in Japan should benefit other nations too.
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