Rinto Maruyama, senior foreign exchange and interest rate strategist at SMBC Nikko Securities, said that Japan's suspected intervention in the foreign exchange market may be driven by sharp increases in the yield on long-term and ultra-long-term treasury bonds in both Japan and the US. He said that the Bank of Japan intervened before announcing policy decisions, “probably to surprise and maximize the effects of the intervention. This is in contrast to the April intervention, which was more transparent and easily identifiable”. Japan's Ministry of Finance has recently made a number of senior personnel appointments, which may help strengthen the government's intervention mechanism and decision-making process. A new round of intervention is possible only if the yen weakens again after the Bank of Japan meeting.

Rinto Maruyama, senior foreign exchange and interest rate strategist at SMBC Nikko Securities, said that Japan's suspected intervention in the foreign exchange market may be driven by sharp increases in the yield on long-term and ultra-long-term treasury bonds in both Japan and the US. He said that the Bank of Japan intervened before announcing policy decisions, “probably to surprise and maximize the effects of the intervention. This is in contrast to the April intervention, which was more transparent and easily identifiable”. Japan's Ministry of Finance has recently made a number of senior personnel appointments, which may help strengthen the government's intervention mechanism and decision-making process. A new round of intervention is possible only if the yen weakens again after the Bank of Japan meeting.