Mitsubishi UFJ Financial Group analyst Lee Hardman said in a report that the
prospect of FX intervention is currently slowing the yen’s decline. Japan’s
finance minister Katayama said she and US Treasury Secretary Bessent agreed to
take bold measures on the exchange rate if necessary, fueling speculation that
Coordinated US-Japan intervention could more effectively push USD/JPY lower. BOJ
June minutes signaled support for further tightening, but that hawkish tilt has
yet to strengthen the yen.