Stealth Yen Interventions Suspected as USD/JPY Hovers Near 155.50

The yen is flashing repeated brief surges near 155.50-156.00, reviving speculation of ongoing Japanese stealth interventions to defend the currency. The saga began on April 30 when USD/JPY breached 160, prompting roughly $65 billion in interventions that have since kept the pair range-bound between 152.5 and 160. Weak core CPI at 1.0% and household spending data have tempered Bank of Japan rate-hike bets, while resilient U.S. data and Treasury Secretary Bessent’s Tokyo visit continue to support dollar strength and keep intervention risk elevated.