Nomura: The recent rise in the Japanese yen resembles previous government interventions.

Nomura Securities' foreign exchange strategist stated that the recent rise in the Japanese yen is similar to the situation when the Japanese government intervened in the yen in the past. On Tuesday, the dollar/yen briefly fell 0.8% to 152.93, hitting its weakest level since November 7, gradually retreating from near the intraday high of 155; Japanese Finance Minister Koizumi Kogitsuki once again warned that the government is ready to coordinate with the United States and take "appropriate measures" on exchange rates. "The price movements of the dollar/yen today are similar to those when the government intervened in 2022 and 2024," wrote the foreign exchange strategy team led by Yujiro Goto in a report. They acknowledge that it is still difficult to determine whether there is actual official intervention or other factors such as "exchange rate monitoring," but they point out that the latest trend is "not a one-time drop in the dollar/yen, but a gradual further decline after the initial steep decline," similar to what was seen during previous intervention periods.