A Nomura analyst lays out the intervention data from 2022 and 2024, and the psychological pressure at the 163 level is clearly visible—USDJPY bulls, be cautious.

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CoinWorld News, four analysts from Nomura's global FX strategy team said in a research report that the upside in USD/JPY remains capped as markets become more wary of potential intervention by Japanese authorities. The analysts said: "Although we note the sample size is extremely limited, based on past intervention cases, as USD/JPY approaches the 163 threshold, we believe the likelihood of intervention by the Japanese Ministry of Finance will increase." They noted that this key level of 163 is derived from data showing that Japan conducted yen-buying intervention twice in both 2022 and 2024.
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