USD/JPY: Intervention fears steer Yen strength – Societe Generale

Kit Juckes at Societe Generale highlights Japanese Yen outperformance in G10 as markets anticipate further USD/JPY intervention. He argues that strong intervention expectations are driving reluctance to be short Yen, with EUR/JPY likely sold on rallies. However, he cautions that another spike in Oil prices could quickly reverse recent improvements in risk sentiment, keeping overall caution warranted.