JPY Intraday Comment

Research evidence excerpt

JPY Intraday Comment

Global Markets Research

23 June 2026JPY Intraday Comment

Foreign Exchange - Global

Research Analysts

Signs of FX intervention are becoming stronger Global FX Strategy

Yujiro Goto - NSC

Katayama–Bessent talks and sharp USD/JPY moves further heighten yujiro.goto@nomura.com

concerns over FX intervention. +81 3 6703 1120

Yusuke Miyairi, CFA - NIplc

• The online meeting between Finance Minister Katayama and US Treasury Secretary yusuke.miyairi@nomura.com

Bessent may have covered recent JPY weakness. If the recent sharp falls in USD/JPY +44 (0) 20 7102 4145

reflected rate checks, preparations for FX intervention may be progressing.

Tomoki Hideshima - NSC • Japan’s June PMI points to resilient overall business sentiment, with both tomoki.hideshima@nomura.com

manufacturing and services expanding. However, weaker export-related indices +81 3 6703 1427

suggest services exports, including the tourist industry, could soften from summer to

Yuki Kodera - NSC autumn. yuki.kodera@nomura.com

• Tomorrow’s focus will be on whether the BOJ’s June Summary of Opinions signals a +81 3 6703 1281

faster pace of rate hikes, though the Policy Board as a whole is likely to favour

maintaining the current pace of roughly one hike every six months. Governor Ueda’s

message (read by Deputy Governor Himino) is likely to offer few surprises.

Fig. 1: Recent trends in USD/JPY Fig. 2: Trends in Japan PMI and new export orders index

Note: 1-minute interval data. Dates are in JST.

Source: Bloomberg, Nomura Source: S&P Global, Nomura

Finance Minister Katayama and Treasury Secretary Bessent hold online talks;

preparations for FX intervention may be steadily progressing

Following an initial report by a local media outlet, JNN, that Finance Minister Katayama