Kevin Zhao, head of fixed income for global sovereign currencies at UBS Asset Management, said that if Japan intervenes further to support the yen, then it will provide a good opportunity to sell. He questioned whether the Bank of Japan's interest rate hike last Friday heralded a hawkish shift. In an interview, he said that the Bank of Japan's latest interest rate hike and acknowledgement policy has moved to a “new stage,” and has not convinced skeptical investors that there is room for further growth in the yen, whether due to expectations of rising interest rates or speculation about future intervention measures.

Kevin Zhao, head of fixed income for global sovereign currencies at UBS Asset Management, said that if Japan intervenes further to support the yen, then it will provide a good opportunity to sell. He questioned whether the Bank of Japan's interest rate hike last Friday heralded a hawkish shift. In an interview, he said that the Bank of Japan's latest interest rate hike and acknowledgement policy has moved to a “new stage,” and has not convinced skeptical investors that there is room for further growth in the yen, whether due to expectations of rising interest rates or speculation about future intervention measures.