Dutch International: The yen is unlikely to rebound substantially unless energy prices plummet or US interest rates fall significantly.

Dutch international group analyst Chris Turner said in a report that despite the prospect of currency intervention and the possibility of further rate hikes by the Bank of Japan, the yen may still struggle to achieve a substantial rebound. He said that unless energy prices fall significantly or U.S. interest rates drop significantly, the threat of Japanese officials intervening to boost the yen may yield little result. At the same time, market expectations for a rate hike by the Bank of Japan on April 28 are too low, and if the rate hike occurs, it should prevent the dollar from rising above 160 yen. He said, "However, the conditions for a continuous decline of the dollar against the yen have not been met, and we tend to maintain the range between 155-160 for the remainder of this quarter."