BofA on JPY intervention:
- On signs of whether another round of intervention is likely, wrote that the usual checklist has been ticked off, except for higher volatility, which has risen, but the 1M is yet to eclipse 8%.
- Does not think that coordinated FX intervention is likely, at this point.
- More aggressive intervention cannot be ruled out, in the context of the hurdle for a BoJ hike being high in July.
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