Unilateral or Joint Action Will Be Key to Yen Intervention -- Market Talk

Dow Jones04-30 18:50

1050 GMT - Renewed yen weakness has sparked more verbal warnings about intervention. But unless the U.S. gets involved, intervention is unlikely to soothe the yen for long, says ING's Chris Turner. ING's base case is that unilateral action can at best put a lid on yen depreciation around 162/165. Taking into account energy prices, Japan's negative real interest rates and dollar demand, Tokyo cannot expect a sustained yen recovery, he writes. Joint U.S. action would be more significant. Washington would then be backing Tokyo's view that the yen has been unfairly targeted, and signal that the dollar was perhaps too strong. If it's the U.S. Treasury that joins in, that would suggest more of a Washington FX policy choice than if it's the Fed, which is more driven by disorderly markets moves. (fabiana.negrinochoa@wsj.com)

(END) Dow Jones Newswires

April 30, 2026 06:50 ET (10:50 GMT)

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