USD/JPY: first time below 110.00 since Oct 2014 – Westpac

By FXStreet Analysts at Westpac explained that the USD/JPY remained heavy amid equity weakness, the yen showing its safe haven status once again.

Key Quotes:

“The pair slipped from 110.50 to a low of 109.95 after Japan PM Abe was quoted in the Wall Street Journal saying “we must definitely avoid competitive devaluation, and I think we should refrain from arbitrary intervention in currency markets.”

This was the first time USD/JPY traded below 110 since Oct 2014 when the BoJ surprised markets with extra easing measures.”
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Source:: FX Street