JPY Intraday Comment

Research evidence excerpt

JPY Intraday Comment

Global Markets Research

2 July 2026JPY Intraday Comment

Foreign Exchange - Global

Research AnalystsMarket grows increasingly wary of possible MOF

Global FX Strategyintervention

Yujiro Goto - NSC

Market becomes nervous ahead of today’s US labor market data and yujiro.goto@nomura.com

tomorrow’s US bank holiday. +81 3 6703 1120

Yusuke Miyairi, CFA - NIplc

• Ahead of today’s US jobs report and the US bank holiday tomorrow, USD/JPY has yusuke.miyairi@nomura.com

continued to decline. After Mimura’s interview article yesterday and today’s Reuters +44 (0) 20 7102 4145

report intervention concerns have increased.

Tomoki Hideshima - NSC

• The 10-year JGB auction was weak, likely due to heightened uncertainty over tomoki.hideshima@nomura.com

monetary and fiscal policies. The recent JGB curve twist steepening appears to be +81 3 6703 1427

partly reflecting the government’s stance on the BOJ. Yuki Kodera - NSC

yuki.kodera@nomura.com • FY2025 general account tax revenue amounted to JPY84.2trn, exceeding the

+81 3 6703 1281

government’s projection. However, under the current Public Finance Act, this higher

revenue cannot be used directly as a funding source for government policy measures.

Fig. 1: Recent moves in USD/JPY Fig. 2: Trends in general account tax revenue

Note: 1-minute interval data. Source: MOF, Nomura

Source: Bloomberg, Nomura

Today’s sharp fall in USD/JPY likely reflected heightened market caution over

possible intervention, with today’s US jobs report and tomorrow’s US bank holiday

adding to market nervousness

USD/JPY declined today following a Reuters report on foreign exchange intervention, at

one point falling sharply to 160.91 (Fig.1). With the US labor market report due out later