The Japanese yen in pair with the US dollar continues to depreciate. The current USDJPY exchange rate stands at 148.84.
Consequently, the yen is gradually but steadily approaching the 150.00 mark. This trend can be attributed to the steadfast commitment of the Japanese monetary authorities to maintain ultra-loose fiscal policies.
Market participants view the 150.00 yen per dollar threshold as a potential trigger for intervention by the Ministry of Finance or the Bank of Japan. Warnings about this possibility have become more frequent in recent weeks. However, it is believed that if the devaluation of the JPY were a major concern, the Bank of Japan would have intervened by now.
Today in Japan, there will be a meeting of political leaders and representatives of the BoJ. There is a possibility of some interim statements being made.
For the time being, the market is working against the JPY.