Yen Upside Limited as Flows Deteriorate – BNY

BNY's Geoff Yu commented that the upside for the Japanese yen remains limited as cross-border flows into Japanese assets deteriorate. USD/JPY has broken above the 160.00 level, and the response from Japanese authorities has been notably muted.

The deterioration in flow dynamics suggests continued pressure on the yen, with limited intervention signals from officials. The pair's move above 160.00 marks a significant psychological level.