The prospect of exchange rate intervention limits the decline of the Japanese yen.

Lee Hardman of Mitsubishi UFJ Financial Group stated in a report that the prospect of currency intervention is currently helping to slow down the weakening of the Japanese yen. Japanese Finance Minister Oshiomoto Kogitsuki said on Tuesday that she and US Treasury Secretary Scott Bennet agreed to take bold measures on currency intervention when necessary. Hardman said that this has sparked speculation that the US and Japan may take joint intervention measures, "which would be more effective in suppressing the USD/JPY exchange rate". He added that meanwhile, the minutes of the Bank of Japan June meeting indicated support for further rate hikes, but this did not strengthen the yen. Data from the London Stock Exchange Group showed the US dollar rising 0.1% to 161.75 yen, after hitting a 39-and-a-half-year high of 161.92 yen on Monday.