AUD/JPY Slides as US-Japan Intervention Takes Hold

The AUD/JPY cross softened to near 111.15 in Thursday's early European session, keeping a bearish near-term tone.

This was largely due to the coordinated currency intervention by the US and Japan, which provided some support to the Japanese Yen against the Australian Dollar.

Traders remain on high alert for further intervention from Japanese authorities, with Finance Minister Satsuki Katayama stating that officials will not hesitate to take further action on currency.

The Bank of Japan's policy minutes revealed policymakers debating mounting price risks and considering more rate hikes, despite raising borrowing costs to a 31-year high in June.