Former Japanese Vice Finance Minister Eisuke Sakakibara comments on USD/JPY reported via Bloomberg (gated):

  • “It may go beyond 160, maybe next year,”
  • At levels around 160 per dollar, authorities “may be tempted to intervene to strengthen the yen.”

On the Bank of Japan:

  • the yen could continue to decline unless the BOJ tightens policy. This could come in the form of simultaneously eliminating negative rates and giving up controls on bond yields at the end of next year. “If the Japanese economy warms up as expected, it is likely to tighten in 2024”

On how he would intervene in the currency:

  • intervention without warning is probably the most effective strategy
  • “If I were in this position, at this time I would do it as a surprise.”
  • “I will keep calm for a while and will intervene without waiting for the market. It will be more effective.”

Well, the Bank of Japan is not going pre-announce intervention, there is always an element of surprise as to timing.


Sakakibara earned the moniker 'Mr. Yen' in his role that is now occupied by Kanda, Japan's Finance Ministry's Vice Finance Minister for International Affairs. It's the MoF that will instruct the Bank of Japan to intervene. And Kanda is the official responsible for doing so, as Sakakibara was back in the day (although for Sakakibara it was a strong yen he was combatting, not the current weak one).