Yen Stuck Near 162 as Tokyo's Intervention Warnings Fall Flat

Japan's Ministry of Finance issued fresh intervention warnings in mid-July 2026, yet the dollar-yen pair barely moved, holding near 162 — a 40-year low hit June 30. Past interventions near 146 in 2022 and 160 in 2024 each delivered only transient reversals before the pair traded back through. Traders have internalized that pattern, and the complacency itself raises the risk of a sharp move in either direction if Tokyo finally acts.