JPY Dollar FX trader
(Action Economics) - 11-May-12 05:24 - USD-JPY traded close to 79.80 after it was unable to clear offers at 80.00.
JPY cross selling pressure on upticks also weighed on USD-JPY's upside.
This included a EUR-JPY moved from 103.45 to 103.15 and AUD-JPY pulled back from 80.60 to 80.30 as speculative names reduced short term positions in AUD-USD.
There was no reaction to BoJ's decision to revise the rules for managing foreign currency assets, which will now place more emphasis on safety and liquidity due to recent market volatility.
It will hold asset mainly in deposits with foreign central banks and government securities issued by U.S. and major European countries.
It said that changes were aimed party at offering emergency fund provisions to Japanese banks in case they face shortages in foreign currencies.
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