Yen steadies despite intervention fears

The Japanese yen has experienced cautious stability around the 156.85 yen per dollar level, following a 2% decline last week after the Bank of Japan raised interest rates to 1.25%, the highest level in 31 years. However, the BoJ did not provide clear signals regarding the pace of future tightening. This comes amid pressure from a strengthening dollar and growing expectations that U.S. interest rates could be raised to 5.5% in October, complicating the Bank of Japan's efforts to keep up with global monetary tightening and narrowing the yield gap. There is also a possibility that Japanese authorities may intervene to support the currency if it falls below certain levels, surpassing 160 yen.

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