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The yen fell below 160 per dollar, highlighting its vulnerability and increasing the likelihood of renewed Japanese intervention to curb further weakness. Strategists said trigger levels are uncertain but flagged roughly 161 as the first key threshold, followed by the 162.9–163.3 area (and the broader 162–163 band). They added any intervention would likely only buy time. The yen has given back more than half of the appreciation it gained after late‑July’s record‑size intervention. Rinto Maruyama, senior rates and FX strategist at Nikko Securities, said 161 is the immediate level to watch, then 162.9–163.3, and noted authorities previously stressed preserving an element of surprise, suggesting they could act without warning.

A REUTERS SURVEY showed most economists expect the Bank of Israel's MPC to pause rate cuts on Tuesday, though 6 of 14 respondents forecast a further 25bp reduction to 3.25%. The MPC cut rates by 25bp in May and July; the policy rate is currently 3.5%, its lowest since end-2022. Annual inflation is 1.5%—inside the 1–3% target band—and a stronger shekel is seen as easing price pressures. Bond-market-implied inflation over the next year is priced to remain stable.