USD/JPY continues its climb towards the peaks of this year.
The Japanese yen is still on a downward trajectory against the US dollar. The present exchange rate for USD/JPY is 149.87.
The Japanese government is ready to implement measures to counter the devaluation of its national currency, as affirmed by the Ministry of Finance. The government underscores its determination to maintain control over the situation.
These statements are seen as verbal interventions; however, they have not managed to temper the decline of the JPY exchange rate.
In October 2022, the JPY approached the psychologically significant threshold of 150 USD, marking a 32-year low in the exchange rate. During that period, the government applied a series of fiscal interventions, which helped alleviate the overbought condition of the USD/JPY pair.
The market has been anticipating interventions for several weeks. Nevertheless, presently, the authorities are confining their actions to cautious commentary.