"The Japanese are not aiming at a particularly strong yen. I think they're aiming at a relatively stable yen — they don't want it to go through the floor anymore," Roche said.
It has since strengthened amid speculation about two interventions by Japanese authorities. which could reportedly have been to the tune of about $60 billion. The summary of the BOJ's latest policy meeting released Thursday revealed that the central bank was concerned that a sharply weaker yen risks driving up import prices.
The currency has languished alongside continued strength in the greenback as Federal Reserve rate cut expectations get pushed back.
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