US Leaks Yen Intervention Plan, Market Stuck at 157.70

The US Treasury Secretary, Scott Bessent, recently leaked a picture of a yen intervention plan ahead of time. However, he followed through on it later in the day, leaving market participants puzzled about the purpose behind the leak.

The USD/JPY currency pair has stagnated at 157.70, with some speculating that the US government might need to implement another plan to get the exchange rate meaningfully lower.

A potential BOJ rate hike has been mentioned, but a recent vote on the matter wasn't particularly close, and an emergency hike would likely damage their credibility.