RBC Capital Markets: The yen is unlikely to underperform other currencies, with interventions and cross-rate support keeping it relatively strong.

(1) Abbas Keshvani, Head of Asia Macro Strategy at CIBC Capital Markets, stated that the yen is unlikely to underperform other currencies in the future. (2) Thanks to the latest intervention last month, the yen has not underperformed in the past month, and it has continued to strengthen relative to the currencies of Japan's major trading partners. (3) Another indicator used to measure the yen’s relative strength—euro/yen cross rate—is currently well below the level of around 187 seen during the previous two rounds of official intervention, further confirming the yen’s resilience.