Macquarie expects Japanese authorities may be preparing for FX intervention but are likely to wait until USD/JPY trades near 165. The firm says any intervention would probably be delayed until after today’s US nonfarm payrolls: a weak NFP could create optimal conditions to maximize impact, while intervening beforehand and then seeing a strong NFP-driven dollar rally would risk “wasting bullets.”

2026-07-02

Macquarie expects Japanese authorities may be preparing for FX intervention but are likely to wait until USD/JPY trades near 165. The firm says any intervention would probably be delayed until after today’s US nonfarm payrolls: a weak NFP could create optimal conditions to maximize impact, while intervening beforehand and then seeing a strong NFP-driven dollar rally would risk “wasting bullets.”