Yen May Weaken Further Despite Intervention Concerns, Says Strategist

Despite heightened vigilance among forex traders regarding potential intervention by the Japanese government, Rinto Maruyama, a strategist at SMBC Nikko Securities, suggests that the yen may continue to weaken. According to Jin10, Maruyama noted in a research report that if authorities remain passive about the current yen weakness or if concerns over fiscal expansion intensify, the market's caution towards yen appreciation might diminish. He added that even with persistent intervention concerns, there seems to be a consensus in the market that the USD/JPY exchange rate still has an upward bias.