Dollar/Yen briefly fell to the low-150s to the high-150s as the Yen-buying intervention aligned with Japan and the U.S. coordination.

【7/31Market Overview

Tokyo time, the USD/JPY rose to as high as160.87yen on a rebound from the prior day’s decline. The Bank of Japan decided to keep the policy rate unchanged as expected by the market.2026Fiscal year CPI (excluding fresh food) outlook was revised lower from the previous forecast, and similar to before, the risk of continuing to run above the 2% “price stability target” was pointed out. The USD/JPY traded with little movement in the low- to mid-160s range. In European session, sizable orders to buy yen and sell dollars came in intermittently, and USD/JPY fell to2? Wait, correction: please note there seems to be a formatting/typing error in the original HTML. The intended value is likely a yen figure between 158.53 and 160.53. The text continues:160.53160.53yen before being bought back to theyen level. Market chatter suggested that “the government and the BOJ may have been intervening to support the yen on successive days.”NYtime, the USD/JPY turned lower when large yen-buying and dollar-selling orders were observed. Reports said that “the U.S. Treasury may intervene in the market as soon as today, and each bank should prepare for further measures,” and USD/JPY fell to157.10yen by the close.

【8/3Market View