USD/JPY nearly hit 158 even after the Bank of Japan raised rates by 25 basis points and hinted at further hikes ahead. Normally, a BOJ rate hike strengthens the yen, but this time the Fed also hiked rates, with another increase expected this month, keeping the US-Japan rate gap from narrowing and leaving yen borrowing still profitable. That leaves the BOJ in a difficult spot. If rate hikes alone can’t strengthen the yen, intervention becomes the remaining option, likely through selling US Treasuries.
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