Institution: Japan may be adopting new foreign exchange intervention strategies.

Philip Wee from the research department of DBS Group commented that Japan may be adopting a new foreign exchange intervention strategy. The senior forex strategist pointed out that there were rumors that the Japanese Ministry of Finance may shift towards undisclosed covert currency intervention. Wee stated that with the thin liquidity in the US bond and stock markets today due to the Independence Day holiday, such interventions "could exacerbate volatility." "Japan's new strategy appears to aim at changing market psychology from skepticism to caution."