SMBC Nikko Securities strategist Rinto Maruyama said that investors are increasingly viewing the Japanese government's intervention strategy as a multi-factor equation rather than a strict red line. Although USD/JPY has far surpassed the 160 level, the pair continues to slowly fluctuate upward. Traders are moving away from simple price level triggers. Maruyama said they recognized that the Japanese authorities assessed interventions based on a complex combination of factors, including the pace of exchange rate changes, market liquidity, speculative positions, international coordination, and basic economic aspects.

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