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USD/JPY holds near 158 as intervention fears cap the yen

The pair was up 0.1% on the day, supported by a pullback in US Treasury yields and limited by concerns about intervention near 160.

Reported · Written up by our desk · Major Pairs

USD/JPY held firm on Tuesday, with the Japanese yen trading on the defensive across the board as intervention concerns around the 160 level limited upside for the dollar, according to FXStreet.

At the time of writing, USD/JPY traded around 158, up 0.1% on the day, helped by a softer US dollar that was weighed down by a pullback in US Treasury yields.

FXStreet also linked the yen’s lack of traction to comments from Bank of Japan Governor Kazuo Ueda, who reiterated the case for further tightening while keeping the timing and pace of future rate hikes dependent on economic developments.

Analysts cited as additional pressure for the yen a Bloomberg report that Japan’s Government Pension Investment Fund did not discuss portfolio allocation at its September meeting, damping hopes the fund would bring money back to Japan.

Latest closeUSD/JPY 157.94 ▲0.1%

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