Not sure how successful this will be in the long term. Currency intervention is a fairly blunt weapon and in the past it was often undertaken on a co-ordinated basis between central banks. In the current climate I suspect all central banks would like weaker currencies to boost their own country's/region's exports, so will self interest take over?
Either way, it provided the Nikkei with a major shot of adrenalin. Clear support at 8,890 and an activated upside target of 10,200. It needs to overcome resistance at 9,750 and could potentially do so if the US dollar suddenly perks up. But I can't see currency intervention providing anything more than a temporary boost and the yen is regarded by many as a safe haven currency.
I wonder if the BOJ bought US Treasuries with their newly acquired dollars??!
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