Why Trillions in Yen Intervention Couldn't Change the Trend

128 Views04 Aug 2026 19:28

SUMMARY

Japan's massive currency interventions have only delivered short-lived relief, highlighting that a wide U.S.-Japan yield gap continues to dictate the yen's direction.
Despite firmer June inflation, the BoJ sees price pressures easing ahead. Lower inflation forecasts strengthen the case for a gradual and patient policy approach.
Options market continues to favour a weaker yen, with a 1.19 put-call ratio reinforcing growing bearish conviction ahead of the Fed's next policy decision.

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