#yen

The yen strengthened about 5% and moved to 157 per dollar from just above 163 after coordinated intervention. Strategists warned that negative real rates and gradual BoJ normalization may limit follow-through.

The Bank of Japan held its policy rate at 1% in an 8-1 vote while warning core inflation could move clearly above 2% from September. The yen had traded near 163 per dollar before a reported intervention-related move lifted it as far as 157.96.

USD/JPY reached 161.80 on June 19, according to CNBC, marking the yen’s weakest level since July 2024 and putting intervention risk back on traders’ screens after the Bank of Japan’s rate move.