Japanese Finance Minister says the statement between Japan and the US can be viewed as saying intervention to counter FX moves out of line with fundamentals is permitted

• Not sure when JPY-carry trades peak out as Japan-US interest rate differentials are set to narrow further. 

The Japanese Finance Minister's statement suggests a prepared stance on potential currency intervention, indicating that moves in the FX markets not aligned with fundamentals could prompt action. This could signal a heightened sensitivity to USD/JPY fluctuations, especially as interest rate differentials between Japan and the US continue to narrow, intensifying the scrutiny on JPY-carry trades.