Yen Intervention Risk Builds as Central Banks Delay Rate Moves

Investors increasingly see official intervention in the market as the only near-term lever to stem the yen’s slide, as central banks delay adjusting interest rates and Middle East tensions push oil prices higher.

The Japanese currency strengthened as much as 0.6% against the dollar to 159.38 after Japan’s top currency official Atsushi Mimura echoed Minister of Finance Satsuki Katayama’s warning earlier Thursday that “the timing for taking bold steps is nearing.” She has repeatedly said authorities are on high alert for speculative moves and are ready to take action as needed.