Japan's budget passed 7 April. The ceasefire is collapsing — 400+ tankers still anchored in the Gulf. The BOJ meets 28 April with a 58% hike probability.

For the first time since Katayama took office, all three political gates for yen intervention can open at once.

Trigger: 160. Target: 150. Below 145, the cure becomes worse than the disease.

https://gyokuro.dev/en/posts/the-gate-opens/

#Japan #yen #BOJ #intervention #Katayama #Bessent #macro #forcedflow #energy #government