Nomura: Rising caution over currency market intervention limits USD/JPY gains

```htmlJinse Finance reported that on June 29, four analysts from the Nomura Global FX Strategy team stated in a research report that the rise of USD/JPY remains limited due to increased vigilance regarding Japanese authorities intervening in the foreign exchange market. They commented: "Based on previous intervention events, though we note the sample size is extremely limited, we observe that as USD/JPY approaches the 163 level, the likelihood of intervention by Japan’s Ministry of Finance grows." These analysts estimated the 163 level using data from two rounds of yen-buying interventions in 2022 and 2024 within the same year. According to data from the London Stock Exchange Group, the US dollar was essentially flat, quoted at 161.79 yen.```