Bloomberg Surveillance · Friday, September 4, 2026
Japan's recent intervention in the currency markets has been effective in strengthening the yen, causing dollar-yen to fall from 165 to 155. Analysts predict a further decline to 150, with other currency pairs like euro-yen also showing weakness.
“What's happened in yen is very meaningful over the last couple days here, right? So if we're looking for a message, message received, right? They have swatted yen down from 165 to 155 this morning. I think it's going to 150.”
“I think what's interesting, if you look at the move initially, kind of 164 down to the mid-150s, you retraced exactly about 60% of that. That's kind of what you see in rallies that are going to fail.”
“Euro-yen has broken down. Some of the other carries, look at kind of the exotic carries, real-yen or peso-yen. Those have all broken here as well.”