Mitsubishi UFJ Morgan Stanley Securities strategist Daisaku Ueno said FX
intervention can only curb speculative yen weakness and is unlikely to
permanently stop yen selling while the US–Japan real policy rate gap persists.
He called the selling pressure structural, driven by Japanese corporate and
household investment decisions and real demand. Japan's finance minister
Katayama said the government is prepared to take appropriate FX market action if
necessary.
