Tsuyoshi Ueno, an economist at Nissei Basic Research Institute, stated that if the USD/JPY exchange rate breaks through the 162 yen level, it may move towards the next key level of 165 yen.

He said that Japan may have only limited options left to prevent a significant depreciation of the yen. Ueno stated that the possibility of conducting joint interest rate checks with the US is lower than before, because the current rise in long-term US Treasury yields does not stem from the Japanese bond market. This means that the motivation of US government agencies to help the Japanese government curb pressure on the yen has diminished.