On Tuesday (Nov 1), the subsession, / high fell to 148.36, down 0.25%.
If USDJPY breaks 149.35, it could further test the October 21 high near 152, according to economists at Brown Brothers Harriman Bank.
Japan has recently spent Y6.35tn intervening to support the yen, according to Ministry of Finance data.
Overall, these interventions account for nearly 6 per cent of Japan’s total, so it is clear that the boj’s aggressive pace of intervention cannot be sustained.
Instead, we think the boj will continue to intervene sporadically and quietly to try to keep markets guessing.
With the Bank of Japan again sounding dovish on Friday, economists think the U.S. and Japan can still be bought at current levels.
Usdjpy remains under selling pressure below 148.50 as US Treasury yields fall and the dollar feels gravity.
Improved sentiment is weighing on the dollar amid verbal intervention from Japan.
