Citigroup strategist Daniel Tobon said that a fall below 159 in the Japanese yen exchange rate against the US dollar will increase the risk that the Japanese authorities will take action, possibly in the form of interest rate checks or intervention in the foreign exchange market. He pointed out, “Once the yen exchange rate starts to break through 159, the risk of the authorities taking action will increase. That's why market participants won't be keen to continue shorting yen above 159 to 160.”

Citigroup strategist Daniel Tobon said that a fall below 159 in the Japanese yen exchange rate against the US dollar will increase the risk that the Japanese authorities will take action, possibly in the form of interest rate checks or intervention in the foreign exchange market. He pointed out, “Once the yen exchange rate starts to break through 159, the risk of the authorities taking action will increase. That's why market participants won't be keen to continue shorting yen above 159 to 160.”