Japan's Suga: FX volatility undesirable, Yen's pace of depreciation within limits

FXStreet (Bali) - Japanese chief cabinet secretary Suga is crossing the wires, via Reuters/Bloomberg, noting that the government will continue to pay close attention to exchange rates, adding that excessive FX volatility undesirable but current pace of yen declines hasn't reached that level yet.

The comments follow a key breakout in USD/JPY, reaching its highest level in over 8 year above the 123.00 handle, with the strong close in the last NY session suggesting that further gains likely lie ahead. There has been some broad-based consensus among banking institutions that 125.00 should represent the next big target to achieve by renewed committal buy-side players.