Yen Weakens Past Level That Triggered Last Japan Intervention

“With Treasury yields seemingly heading back above 4% at 10-years, the dollar generally bid on risk aversion and Japanese Prime Minister Kishida yesterday fully endorsing Kuroda and BOJ policy, higher dollar-yen levels are readily justified,” said Ray Attrill, head of foreign-exchange strategy at National Australia Bank Ltd. “But if we see a rapid move up from here as we are just now seeing, then we may see another burst of intervention.”