With a renewed intervention warning from the United States, the dollar-yen rate moves into the 156 yen range.

【5/13Market overview

In Tokyo time, USD/JPY rose to around155.96yen on the fixing due to dollar buying observations. After the Bank of Japan was reported to have reduced the offer amount for the 5-10 year government bond purchases from the previous level, USD/JPY fell to155.49yen, but buyers stepped in, pushing it back up to around155.90yen. In European time, USD/JPY traded in the upper155yen area and stayed range-bound.NYtime, when U.S. Treasury Secretary Janet Yellen reiterated that “currency of a G7 country should be determined by the market,” and that “foreign exchange intervention should be rare and requires communication with other countries,” market expectations grew that “government and the BOJ will find it difficult to carry out intermittent FX intervention.” Subsequently,NYFed released4month Consumer Survey showing1year ahead inflation expectations at3.3%, up from the previous month’s3.0%, indicating about a5month high; USD/JPY rose to156.24yen.