The Japanese yen faced pressure against the dollar amid suspicions of intervention by Japanese authorities, though they haven't confirmed any involvement. Despite a slight decline from recent gains, it remained above its recent lows. I believe intervention triggers may not be fixed, suggesting a flexible approach. The yen's recent gains were offset by the Bank of Japan's cautious stance on interest rates, leading to expectations of prolonged low yields. With the Federal Reserve's policy meeting underway, expectations of unchanged rates and a potentially hawkish message could further weaken the yen.
