Yen Holds Near 162 as Japan's Intervention Warnings Lose Punch

Japan's finance ministry warned of currency intervention in mid-July 2026, but dollar-yen barely budged from 162 — a 40-year low. Past interventions near 146 (2022) and 160 (2024) only briefly reversed the pair before it climbed back. Traders have priced in that pattern. That complacency itself raises the risk of a sharp move if Tokyo finally acts.