USD/JPY is on track for its third bullish week, and it will most likely make it. It could also be the second weekly advance since USD/JPY cut through 152 resistance with practically no resistance, following the stronger-than-expected US CPI report
Japan’s officials were curiously quiet following the break above 152, but they are making noises again as it approach 155 – which is the latest glass ceiling for markets, which was previously 152. Japan’s ex-FX diplomat warned that the BOJ could intervene if prices broke above 155, and on Thursday Korea and Japan vowed to work together on their currency depreciation, due to their “serious concern” of their rapid declines against other currencies.