ING analyst Chris Turner said in a note that although last Friday’s much-watched
intervention did not materialize, Japanese authorities may still act later this
month to support the yen. Quiet US-holiday trading left USD/JPY back above 162,
and Tokyo’s inaction could signal a desire to conserve limited FX reserves.
Turner flagged July 16-17 as the next potential intervention window ahead of
Japan’s July 20 public holiday.
