USD/JPY: Intervention supports gradual downside view – MUFG

AI Briefing

• – MUFG’s Michael Wan suggests Japanese authorities intervened in FX markets to support a gradual downside view for USD/JPY.
• – The intervention, estimated to be around JPY5-6 trillion, mirrors past interventions in 2022 and 2024.
• – The operations are seen as a response to USD/JPY’s decline from near 160 to below 157.