Mitsubishi UFJ Financial Group analysts said expectations of further Japanese
intervention could cap yen declines versus the dollar. After suspected
intervention on Thursday, the Japanese Ministry of Finance often conducts a
second intervention, so markets may be cautious about additional
dollar-buying/yen-selling; nonetheless, dollar-buying pressure could return
quickly and remains a risk. The Bank of Japan on Friday left rates unchanged and
signaled it "lacked a firm stance" on whether to speed up tightening. USD/JPY
briefly plunged on Friday then recovered, erasing intraday losses.