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It's a wild session today. The Japanese yen soars to new 14 year high against the greenback with USD/JPY accelerated lower after taking out 88.00 support level and reaches as low as 86.30 so far. The Japanese yen also manages to rally against other major currencies, in particular the higher yielders. Yen strength is boosted further by another day of decline in Nikkei and sharp, over 3% fall in Shanghai composite. At this moment there is no indication of intervention from Japan yet as Finance Minister Fujii just said he's watching closely on the situation and will "take appropriate action against abnormal movements". Vice Finance Minister Noda said the government isn't considering intervention as Reuters reported. Markets are speculating that Japanese officials would tolerate some further gain in yen as exports are improving as data released earlier this week showed slowest decline in about twelve months.
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