USD/JPY falls as Japan threatens joint intervention with US on yen weakness
USD/JPY declined 0.8% to 155.20 as Japan's Finance Minister warned of potential joint intervention with the United States to support the yen. The minister stated Japan 'won't exclude any options,' intensifying market fears of coordinated action. Adding to yen strength, speculation grows around earlier-than-expected Bank of Japan rate hikes, with markets pricing in a 65% probability of a move by March. MUFG analysts project modest rises in Indian bond yields as the RBI approaches the end of its easing cycle. Technical indicators show USD/JPY breaking below the 156.00 support level, with the next key support at 154.50. The 50-day moving average at 154.80 may provide interim support. Traders should monitor upcoming BOJ communications and any signs of actual intervention, which could trigger sharp yen appreciation and further USD/JPY downside toward the 153.00 zone.
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