There are many reasons why there was an intervention.
1. The yen has been oversold speculatively, so the exchange rate must be at an appropriate price.
2. The dollar is strong and provides some level of security.
3. Inflation in the US is coming down, so there is no need for a strong dollar.
4. A strong dollar has a very negative impact on the performance of American manufacturing.
5. The dollar will be weaker before the presidential election.
6. President-elect Trump does not want the yen to weaken.
7. It will not be good in the future to create a preconceived notion that the exchange rate is left free to speculators.
8. The Bank of Japan does not want inflation, a weaker yen will put pressure on inflation.
9. Due to the difference in inflation rates between Japan and the US, the yen is about 10 yen stronger than before the coronavirus, based on the exchange rate before the coronavirus, and now it is abnormally weak.
10. The abnormal depreciation of the yen will widen the gap with the extremely strong yen that will occur in the future, causing strain on Japan's economy and finances and weakening the economy.
11. Treasury Secretary Yellen
``Currency intervention is extremely rare and is only permissible in exceptional circumstances.'' Acceptance of foreign exchange intervention
12. The US always induces the dollar to weaken after economic deterioration.
13. It is impossible to predict that the Bank of Japan will raise interest rates (if the Bank of Japan raises interest rates, capital will flow back from the US to Japan and US bonds will be sold, putting US banks in a dangerous position with increased unrealized losses).
There are many reasons why there was an intervention.
1. The yen has been oversold speculatively, so the exchange rate must be at an appropriate price.
2. The dollar is strong and provides some level of security.
3. Inflation in the US is coming down, so there is no need for a strong dollar.
4. A strong dollar has a very negative impact on the performance of American manufacturing.
5. The dollar will be weaker before the presidential election.
6. President-elect Trump does not want the yen to weaken.
7. It will not be good in the future to create a preconceived notion that the exchange rate is left free to speculators.
8. The Bank of Japan does not want inflation, a weaker yen will put pressure on inflation.
9. Due to the difference in inflation rates between Japan and the US, the yen is about 10 yen stronger than before the coronavirus, based on the exchange rate before the coronavirus, and now it is abnormally weak.
10. The abnormal depreciation of the yen will widen the gap with the extremely strong yen that will occur in the future, causing strain on Japan's economy and finances and weakening the economy.
11. Treasury Secretary Yellen
``Currency intervention is extremely rare and is only permissible in exceptional circumstances.'' Acceptance of foreign exchange intervention
12. The US always induces the dollar to weaken after economic deterioration.
13. It is impossible to predict that the Bank of Japan will raise interest rates (if the Bank of Japan raises interest rates, capital will flow back from the US to Japan and US bonds will be sold, putting US banks in a dangerous position with increased unrealized losses).
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