Goldman Sachs and Bank of America see little immediate risk of currency intervention in Japan, saying the usual triggers ¡°have not yet been met¡± even as the yen approaches 155 per dollar.
The yen ¡°does not appear to be at particularly weak levels,¡± strategist Karen Reichgott Fishman wrote in a note dated Monday. Recent underperformance has been driven largely by a repricing of Japan¡¯s fiscal risk premium and near-term Bank of Japan rate expectations, she said.
That view is echoed by BofA¡¯s Shusuke Yamada, who said dollar-yen above 155 is "unlikely to trigger imminent intervention in absence of excessive volatility or a build-up in speculative positioning.¡±
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