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The Bank of Japan's data showed no intervention in the yen's sharp rise on Wednesday, while the Finance Minister reiterated that he would prevent the yen from depreciating.
Bank of Japan (BOJ) account data released on Thursday showed that speculation of market intervention following Wednesday's more than 1 yen drop in USD/JPY was unfounded, as the gap between its current account forecast and money brokers' estimates was far too small to support large-scale intervention. Meanwhile, Japanese Finance Minister Satsuki Katayama reiterated on Thursday evening that authorities remain highly vigilant and will continue to prevent further depreciation of the yen. Sources familiar with the matter revealed that the BOJ is leaning towards a 25 basis point rate hike at its September meeting, with market expectations for a rate hike being the core driver of the current yen fluctuations.
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