At What Level Does Yen Matter to the BOJ?

The transcript discusses the context and constraints of Japan's potential currency intervention, focusing on the yen's strength and the influence of global economic events. It analyzes the divergence between US yields and the dollar-yen exchange rate, highlighting market distortions and the impact of inflation expectations. The discussion also covers Japan's balance of payments and the self-reinforcing nature of hedging activities.

In what ways can external forces impact Japan's currency policy?

What challenges does Japan face in managing its currency amidst global economic changes?