USD/JPY at 155: Is Japan Ready to Intervene Again?
By Sarah Mitchell
USD/JPY has crept back toward 155 — the level that prompted coordinated Bank of Japan intervention in late 2023. Whether authorities intervene again depends on the speed of the move as much as the level itself.
BoJ intervention mechanics: Japan does not typically announce intervention. Dealers watching the spot market identify it by sudden sharp yen-buying orders that have no apparent domestic or overseas catalyst.
Trading around the risk: Many experienced yen traders avoid large short-yen positions above 150, using options instead to express the view while capping downside from a sudden intervention-driven reversal.
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