The BOJ’s Intervention Toolkit Is Running Out of Credible Options as the Yen Approaches 160
The Japanese yen’s persistent weakness near 159 to the dollar has pushed the currency to within striking distance of the 160 level that triggered approximately $62 billion in intervention spending by the Ministry of Finance in 2024. Finance Minister Satsuki Katayama has repeatedly warned of “decisive action” against excessive depreciation, language that represents the standard…
