Sumitomo Mitsui DS Asset Management strategist Masahiro Ichikawa said a Japanese
government commitment to fiscal discipline, combined with appropriate Bank of
Japan rate hikes, would curb further yen depreciation without the need for
repeated FX intervention. He added interventions rarely change overall market
trends, but the recent action worked because it halted a rapid, disorderly slide
in USD/JPY toward the 164 handle.
