Japanese Yen: Hovers near multi‑decade lows against US Dollar – Deutsche Bank

FXStreetJun 23, 2026 8:35 AM

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Deutsche Bank’s Early Morning Reid highlights that the Japanese Yen remains under pressure, trading close to 40‑year lows versus the US Dollar. After briefly spiking, USD/JPY approached levels last seen in 1986, prompting speculation about imminent Bank of Japan intervention following an emergency online meeting between Japan’s finance minister and the US Treasury Secretary, although the pair is currently trading quietly.

Speculation grows over BoJ intervention risk

"Another G7 country in the news is Japan and this morning the currency is fairly flat after seeing a strong spike yesterday afternoon London time after it got within a whisker of hitting 40-year lows."

"It hit 161.93 versus a low of 161.96 in July 2024."

"Beyond that you have to go back to December 1986 to see weaker levels."

"There was speculation over imminent BoJ intervention with JNN reporting an online emergency meeting between Finance Minister Katayama and US Treasury Secretary Bessent yesterday."

"This morning it's hovering remarkably quietly at 161.60 given all the noise."

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

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