Bettors on Polymarket now put 81% odds on a Bank of Japan rate hike in September, up from just 22% two weeks ago. The yen fell about 1% this week to 159.43 per dollar, on track for its worst week since May, having given back roughly half the gains from Japan’s coordinated yen intervention in late July and early August. Japan’s former top currency diplomat, Mitsuhiro Furusawa, told Reuters the country could tap its yen war chest again at any time. OCBC analysts emphasize that intervention alone cannot shift the yen’s trend, and the currency needs a genuinely hawkish Bank of Japan to recover sustainably.
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