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.