Japan intervened in the FX market -- report

Japan’s Ministry of Finance reportedly intervened in FX markets to buy yen (selling USD/JPY) after Finance Minister Katayama warned following a breach of the 160 level. The move came amid a BOJ policy outcome that held rates at 0.75% but included a mildly hawkish tilt and three dissenters favoring a hike—initially lifting the yen before Governor Ueda’s cautious press conference reversed much of the gain. The report highlights that intervention produced only a brief yen rally, and structural headwinds—most notably higher oil (Brent near $120) and distant rate normalization—continue to keep the yen under pressure. Market impact: likely short-term JPY strength and heightened USD/JPY volatility; underlying fundamentals still weigh on sustained yen appreciation.