Nomura’s global FX strategy team says rising market vigilance about possible Japanese intervention is capping USD/JPY gains. They caution the sample is extremely limited but note past episodes — including 2022 and 2024, when Japan intervened twice in

2026-06-29

Nomura’s global FX strategy team says rising market vigilance about possible Japanese intervention is capping USD/JPY gains. They caution the sample is extremely limited but note past episodes — including 2022 and 2024, when Japan intervened twice in a single year — imply the odds of Ministry of Finance intervention increase as USD/JPY approaches the 163 level.