Mitsubishi UFJ: The prospect of currency intervention limits the pace of yen depreciation

Golden Ten Data reported on June 24 that Mitsubishi UFJ Financial Group analyst Lee Hardman stated in a report that the prospect of currency intervention is currently helping to slow the pace of yen depreciation. Japan’s Finance Minister Shun’ichi Katayama said on Tuesday that she and US Treasury Secretary Janet Yellen agreed to take bold action on exchange rates if necessary. This has sparked speculation that the US and Japan may take joint intervention measures, which would be more effective in weakening the US dollar against the yen. Meanwhile, minutes from the Bank of Japan’s June meeting showed support for further interest rate hikes, but this has not strengthened the yen.