Tatsuo Yamazaki's recent statement was quite tough: 130 target + intervention warning. Short sellers need to think twice.

Tatsuo Yamazaki stated that the yen should rise to around 130 yen per dollar, an increase of up to 20%, and rebutted the view that the yen will further weaken. He believes the yen is undervalued by about 10%, and a rise to 130 is not surprising; at the same time, he warned the market not to take surface calm for complacency, and that anyone holding short positions in the yen faces intervention risk, as Japan has indicated its willingness to take action.