Japanese Yen: Intervention risk and JGB appeal – BNY
BNY’s Geoff Yu notes USD/JPY slipping back below 153 as markets heed U.S. Treasury Secretary Scott Bessent’s warning on testing Japanese Yen intervention. The report stresses that a sustained move depends on a broader Bank of Japan tightening cycle.
BNY's Geoff Yu highlights USD/JPY slipping below 153 due to concerns about Japanese Yen intervention, as warned by U.S. Treasury Secretary Scott Bessent. A sustained move will depend on the Bank of Japan's tightening cycle. Fitch Ratings suggests rising JGB yields and faster policy rate hikes in 2026-2027 will bolster the Yen and domestic bond demand.
JPY consolidates gains as USD/JPY consolidates around 153.00. The BoJ's policy normalization and a weaker US Dollar support the Japanese Yen, keeping it near a seven-month low.
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