USD/JPY: Intervention talk caps gains – BNY

FXStreetMar 13, 2026 11:48 AM

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BNY’s Head of Markets Macro Strategy Bob Savage highlights that Japanese authorities are stepping up FX warnings as USD/JPY trades just below 160. Finance Minister Satsuki Katayama signalled readiness to act against volatility linked to Middle East tensions and higher Oil prices, while the weaker Japanese Yen is pushing 10-year JGB yields higher. The Bank of Japan is not expected to hike this month, keeping policy support in place.

Authorities signal readiness on currency

"Headlines that Japanese Finance Minister Satsuki Katayama is prepared to take all necessary steps on FX were sufficient to keep USD gains from breaking through the JPY 160 barrier. However, the painful effect of the weaker JPY on JGBs is notable, with 10y rates up 7.5bp to 2.24%."

"The BoJ is not expected to hike this month, but JPY weakness and oil shocks will risk more inflation."

"Japan’s Finance Minister Satsuki Katayama has said the authorities are prepared to take all necessary measures on FX under all circumstances, citing heightened volatility linked to developments in the Middle East and the impact of rising oil prices on households."

"She stated that large fluctuations are occurring across financial markets, including currency markets, and emphasized that the government is monitoring conditions closely."

"Katayama declined to comment on specific exchange rate levels and refrained from addressing whether FX intervention would be difficult given that recent yen weakness has been driven by higher oil prices."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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