USD/JPY: FX intervention may not be imminent as Japanese authorities stand firm

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USD/JPY is currently trading in the FX intervention zone of 145-150.

Bigger catalyst for yen gains could be sharp correction in risk assets

Japanese authorities appear to be taking no action for now, not wanting to confront US Treasury yields pushing USD/JPY higher.

FX intervention may not be imminent, and the bigger trigger for the yen’s rally could be a sharp correction in risk assets driven by a surge in U.S. Treasury yields.