Japanese former FX diplomat says intervention unlikely unless USDJPY rises above 155

Former Japanese top FX diplomate Watanabe chimed in on intervention again this morning.

He said it's unlikely that we see intervention unless we see USDJPY pushing above 155.

It remains a guessing game on when and where we'll see intervention.

But the recent joint meeting between the MoF and BoJ makes 155 look like a bit of a stretch.