Adding to comments from Suzuki earlier:

  • Japan fin min Suzuki says rapid yen weakening has been seen recently

Japan’s Chief Cabinet Sec. Matsuno adds:

  • the downside risk of inflation on purchasing power and sentiment requires special consideration.

The implication for the yen is a threat to do something about tis decline, given this earlier on rising prices from the BOJ:

  • BOJ official laments wholesale import costs up more than 45% in yen y/y

USD/JPY has pulled well back from its overnight high:

usdyen intervention threat boj 12 July 2022