Ray Attrill, head of FX strategy at National Australia Bank, said USD/JPY could
plausibly revisit 160 but the threat of currency intervention is likely to
prevent a clean break above that level. Whether intervention delivers a
sustained reversal would depend largely on US participation; further US support
would likely require Japan to signal a willingness to tighten policy faster or
by more than markets currently expect. If USD/JPY again reaches 160, Bessent's
credibility would be tested.
