USD/JPY dropped 90 pips overnight to 88.63 at 0302 GMT following a headline that was translated incorrectly by a major newswire.
The first headline that was ran cited Japan's Economy Minister Amari saying that JPY 'has corrected to level in line with fundamentals', which implied (and the market perceived as) that JPY has already weakened enough. This led to a 90 pip sell-off over the course of an hour.
However USD/JPY did recover slightly once the correction was run stating that 'JPY is correcting in line with fundamentals'.
Print 07:32, 15 Jan 2013 - Market Analysis - Source: RANsquawk
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