Japan could be getting closer to stepping in to support the yen, and markets are starting to take it seriously.
Tensions picked up after Prime Minister Takaichi warned about what she called “abnormal” moves in the currency. The timing matters because USD/JPY is hovering around 160, a level Japan already defended twice in 2023 and 2024, spending more than 9 trillion yen to do it.
There are also reports that the New York Fed recently carried out “rate checks,” which traders often see as a quiet signal that intervention could be coming. After that, the yen strengthened quickly, moving from around 158.5 to 155.7 in just a few hours.
With speculative bets against the yen at their highest levels in years and elections approaching, the chances are rising that Japan will step in again if the currency weakens much more.
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