The yen continues its steady decline, reaching levels last seen before April's FX intervention. USD/JPY appears set to approach 160 as the yen weakens further. Although bond yields haven't favored the yen, recent increases have pushed the 10-year Japanese government bond yield back towards 1%.

While the US dollar, as measured by the US dollar basket, has fluctuated, USD/JPY has shown a consistent upward trend. The possibility of intervention has resurfaced following reports from Fiji that Japan's top currency official mentioned there's no limit to reserves in currency intervention and emphasized ongoing monitoring of the situation.

Yen Decline Continues Amidst Rising USD/JPY and Bond Yields

Jun 21 2024

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