Traders are reluctant to push USD/JPY above the 160 threshold amid intervention risk; the yen slipped Wednesday morning toward 160, its weakest since authorities intervened at end‑April. Japan spent a record JPY 11.73 tln (about $73.35 bln) supporting the currency between Apr.28 and May.27. Finance Minister Satsuki Katayama reiterated officials stand ready to respond to FX volatility as needed. Gaitame.com Institute analyst Tsutomu Nakamura said intervention fears intensified as USD/JPY neared 1

Traders are reluctant to push USD/JPY above the 160 threshold amid intervention risk; the yen slipped Wednesday morning toward 160, its weakest since authorities intervened at end‑April. Japan spent a record JPY 11.73 tln (about $73.35 bln) supporting the currency between Apr.28 and May.27. Finance Minister Satsuki Katayama reiterated officials stand ready to respond to FX volatility as needed. Gaitame.com Institute analyst Tsutomu Nakamura said intervention fears intensified as USD/JPY neared 160, creating a psychological battle and making a test of 160 possible at any time. Limited progress in US‑Iran permanent cease‑fire talks and a large US‑Japan interest‑rate differential after the BOJ held rates in April are adding pressure. BOJ governor UEDA is due to speak Wednesday afternoon ahead of the June 16 policy meeting. Overnight index swaps imply roughly an 84% probability of a rate hike this month.