SD/JPY remains in a difficult position as the fundamental backdrop remains tilted in one direction, but the threat of intervention acts as an obstacle to trend continuation. At this stage, the deviation in many JPY pairs is still large because the Bank of Japan keeps interest rates at the floor level despite rising inflation. Most other major economies have responded to inflationary pressures with interest rate hikes, and in the US, more rate hikes are still likely as data remains strong. This has helped maintain trading activity as many JPY pairs continue to show positive buying and selling rates