Japan
The Ambush Regime: Why Tokyo's New Yen Defense Is About Vol and Carry, Not the 162 Line
Japan has quietly abandoned the level-defense playbook of 2022 and 2024. The new intervention regime is engineered to break the carry trade's pricing of volatility, not to hold any particular USDJPY handle. Markets pricing the next MoF move against 162 or 165 are trading the wrong variable.