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Bristol-Myers Squibb Company (BMY)

Q3 2026
▲3▼1

Bristol-Myers Q3: Pipeline Wins, Financial Beat, But Competitive and Legal Risks Loom

  • Strong Q2 results and raised guidance Bristol reported Q2 revenue of about $13 billion and a 40% jump in earnings per share, prompting management to raise full-year revenue guidance to $49–50 billion. Analysts also increased their 2026 EPS estimates to $6.91.

    This shows the company's core financial performance and improved outlook, a key positive driver for the stock.

  • Pipeline and regulatory progress The FDA accepted mezigdomide for review, approved ZENBEXUS for multiple myeloma, and expanded Camzyos to treat pediatric patients. These advances strengthen Bristol's product lineup and help offset future patent losses.

    New drug approvals and expanded uses are direct growth catalysts that can drive future sales and investor confidence.

  • AI and infrastructure investments Bristol partnered with NVIDIA, Schrödinger, and Chai Discovery on AI-driven drug discovery, and opened a new San Diego hub and Houston plant. These investments aim to speed up research and expand manufacturing capacity.

    Long-term growth initiatives that could improve efficiency and innovation, supporting the stock's future potential.

  • Competitive and legal pressures Cytokinetics' Myqorzo threatens Camzyos, J&J's psoriasis pill challenges Sotyktu in China, and AstraZeneca merger talks collapsed. A $6.7B Celgene lawsuit revived, and CAR-T trials paused after Novartis deaths.

    These setbacks create uncertainty and potential revenue loss, weighing on the stock price.

September 2026
▲2▼2

BMY pipeline advances, but competition and safety concerns weigh

  • Pipeline and label expansion Zenbexus won FDA accelerated approval for relapsed multiple myeloma, Camzyos expanded to pediatric patients, and Arlo-cel met its Phase 2 endpoint, strengthening BMY's growth prospects.

    This is a key positive development that could drive future revenue and investor optimism.

  • Analyst EPS estimate raise Growth products now make up 56% of revenue, leading analysts to raise 2026 EPS estimates to $6.91 from $6.34, reflecting confidence in BMY's earnings power.

    This shows improved financial outlook and analyst confidence, which can positively impact the stock.

  • Competitive threat to Sotyktu J&J's oral psoriasis pill won Chinese approval, threatening Sotyktu in a market of over 8 million patients, potentially limiting BMY's growth in a key segment.

    This competitive pressure could hurt BMY's market share and revenue, a negative for the stock.

  • CAR-T trial pause Bristol paused CAR-T trials after Novartis deaths, raising regulatory and safety concerns that could delay development and pressure the stock.

    This introduces uncertainty and potential setbacks in a promising area, negatively impacting investor sentiment.

Latest
▲4

Bristol's Growth Portfolio Accelerates with New Drug Approvals and Strong Pipeline Data

  • Growth Portfolio Now 56% of Revenue, EPS Estimates Raised Bristol's growth products (Opdivo, Camzyos, Sotyktu, etc.) now make up 56% of total revenue, up from 51.8% a year ago, with first-half sales up 13%. Analysts have raised 2026 EPS estimates to $6.91 from $6.34, reflecting confidence that new drugs are replacing older ones losing patent protection. This supports a higher stock price.

    Shows the core shift from legacy to growth products that is driving earnings upgrades and investor optimism.

  • Zenbexus (iberdomide) Wins FDA Approval and Shows Strong Phase 3 Data The FDA granted accelerated approval to Zenbexus for multiple myeloma, the first in a new drug class. In a Phase 3 trial, it doubled the rate of deep responses (MRD-negative complete responses) versus standard treatment. This adds a potential blockbuster revenue stream and validates Bristol's pipeline, lifting the stock.

    A new approved drug with superior efficacy data is a major growth catalyst that directly boosts future revenue expectations.

  • Sotyktu Shows Sustained Two-Year Efficacy in Psoriatic Arthritis Bristol's Sotyktu maintained strong efficacy and safety over two years in patients with psoriatic arthritis, with responses improving through week 104. This supports the drug's long-term use and potential to capture more market share in a large patient population, adding to revenue growth.

    Long-term data reinforces the commercial potential of a key growth product, supporting revenue forecasts.

  • Camzyos Approval Expanded to Pediatric Patients The FDA expanded Camzyos's label to include pediatric patients with obstructive hypertrophic cardiomyopathy, making it the only approved therapy for this age group. This broadens the patient pool and strengthens Camzyos's growth trajectory, a positive for Bristol's revenue outlook.

    Label expansion opens a new patient population, directly increasing the drug's market size and sales potential.

▲3▼2

Bristol's Cancer Pipeline Advances, but Competition and Safety Fears Linger

  • Zenbexus FDA Approval Adds New Myeloma Growth Driver The FDA approved Bristol's oral Zenbexus for relapsed multiple myeloma, a new revenue stream to help replace older drugs losing patent protection. It's an accelerated approval needing confirmatory trials and faces intense competition, so it builds gradually rather than instantly lifting the stock.

    This is a new drug approval that directly adds a future revenue driver for BMY.

  • J&J's Oral Psoriasis Pill Approved in China, Threatening Sotyktu Johnson & Johnson won Chinese approval for its once-daily oral psoriasis pill, which will compete with Bristol's Sotyktu in a market of over 8 million patients. This adds competitive pressure that could limit Sotyktu's growth in China, weighing on BMY's sentiment.

    New competitive threat in a key market that could slow BMY's psoriasis drug sales.

  • Five-Year Camzyos Data Reinforces Long-Term Heart Drug Profile Bristol presented five-year data showing its heart drug Camzyos keeps working safely, with most patients improving. This strengthens confidence in a key growth product and supports its use long-term, a positive for BMY's revenue outlook.

    New clinical data that supports the durability and safety of a key growth drug.

  • CAR-T Safety Concerns After Novartis Deaths; Bristol Pauses Similar Trials Novartis halted CAR-T trials after three patient deaths, and Bristol paused its own similar trials as a precaution. This raises regulatory and safety worries for Bristol's CAR-T programs, adding uncertainty that can pressure the stock until the reviews clear.

    New safety event that directly affects BMY's CAR-T development and investor risk perception.

  • Arlo-cel Meets Primary Endpoint in Phase 2 Myeloma Trial Bristol's experimental CAR-T therapy arlo-cel met its main goal in a mid-stage myeloma trial, showing strong response rates in hard-to-treat patients. This is a potential first-in-class treatment that could become a future growth driver, boosting optimism about the pipeline.

    New positive clinical trial result that advances a potential new therapy for BMY.

August 2026
▲2▼2

BMY beats on earnings, raises guidance, but merger talks collapse

  • Strong Q2 earnings and raised guidance Bristol-Myers Squibb reported Q2 revenue of about $13 billion, beating estimates, with earnings per share jumping 40% to $2.04. Management raised full-year guidance twice, ending at $49–50 billion, driven by Eliquis (+19%) and newer drugs like Camzyos and Reblozyl.

    This is the main positive force behind BMY's stock in August, showing better-than-expected financial performance and improved outlook.

  • FDA approves ZENBEXUS and AI partnerships expand The FDA approved ZENBEXUS for multiple myeloma, adding a new treatment to Bristol's portfolio. The company also expanded AI partnerships with Nvidia, Schrödinger, and Chai Discovery, and announced a $2.3 billion Houston plant, supporting long-term growth.

    These new developments strengthen BMY's pipeline and manufacturing, offering future revenue potential.

  • AstraZeneca merger talks collapse Reported merger talks with AstraZeneca fell apart, removing a potential takeover premium that had lifted BMY's stock. Without a merger, Bristol faces its patent cliff alone, increasing pressure to replace lost revenue from older drugs.

    This is a major negative event that removed a catalyst and leaves BMY more vulnerable to patent expirations.

  • Revived $6.7 billion Celgene lawsuit A $6.7 billion lawsuit related to the Celgene acquisition has been revived, adding legal and financial uncertainty. This could raise BMY's risk premium and pressure the stock as investors weigh potential liabilities.

    This new legal issue introduces uncertainty and potential financial burden, negatively impacting investor sentiment.

▲3▼1

Bristol Raises Outlook, Expands AI and Manufacturing Despite Legal and Competitive Risks

  • Bristol Raises 2026 Revenue Guidance on Eliquis Strength Bristol raised full-year 2026 revenue guidance to $49–$50 billion from $46–$47.5 billion, after Eliquis sales grew 19% to $8.6 billion in the first half. The company now expects Eliquis growth of 20–25% for the year, up from 10–15%, and a smaller decline in older drugs. This directly boosts earnings expectations and investor confidence, pushing BMY shares up.

    This is the most significant new positive catalyst, directly raising revenue and profit outlook.

  • Bristol Partners with Chai Discovery on AI Antibody Discovery Bristol announced a collaboration with Chai Discovery to use AI and machine learning for discovering new therapeutic antibodies. This aims to speed up drug discovery and strengthen the pipeline, supporting long-term growth. While the impact is not immediate, it reinforces Bristol's commitment to innovation and could lead to new revenue streams, positively influencing investor sentiment.

    This new partnership shows Bristol's ongoing investment in AI to enhance pipeline, a key long-term growth driver.

  • Bristol to Invest $2.3 Billion in Houston Manufacturing Plant Bristol announced a $2.3 billion investment in a new Houston manufacturing campus, part of a larger $40 billion U.S. investment pledge. The plant will produce small-molecule medicines, biologics, and antibody-drug conjugates, creating jobs and expanding capacity. This move supports long-term supply chain resilience and may ease tariff pressures, positively affecting BMY's outlook.

    This new capital investment demonstrates commitment to U.S. manufacturing and could mitigate tariff risks, a positive for the stock.

  • Revived $6.7 Billion Celgene Lawsuit Adds Legal Uncertainty A federal appeals court reinstated a $6.7 billion lawsuit alleging Bristol delayed FDA approval of certain drugs to avoid paying contingent value rights to former Celgene shareholders. This brings renewed legal and financial uncertainty, potentially leading to a large cash payout and weighing on investor sentiment. The risk premium on BMY may increase, pressuring the stock price.

    This new legal development introduces a significant potential liability, a negative factor for the stock.

▲3▼1

Bristol's Q2 Beat and New Drug Approval Offset Failed Merger

  • Q2 earnings beat and raised guidance Bristol reported Q2 revenue of $12.97 billion, beating estimates, and raised full-year guidance. Strong sales of Eliquis and newer drugs like Camzyos and Reblozyl drove the beat. This shows the growth portfolio is replacing lost older-drug sales faster than feared, boosting investor confidence and supporting the stock price.

    This is a major positive event that directly impacts BMY's financial outlook and investor confidence.

  • AstraZeneca merger talks called off After reports of merger talks, AstraZeneca's board decided to call them off, and Reuters reported no discussions ever took place. The potential takeover premium evaporated, removing a catalyst that had briefly lifted BMY shares. This leaves BMY to face its patent cliff alone, weighing on sentiment.

    The merger speculation was a key driver of BMY's stock movement, and its termination is a significant negative development.

  • FDA approves ZENBEXUS for multiple myeloma The FDA granted accelerated approval to ZENBEXUS, a first-in-class CELMoD therapy, for relapsed multiple myeloma. This new treatment offers a potential revenue stream to help offset losses from older drugs facing patent expirations, strengthening BMY's oncology portfolio and long-term growth prospects.

    This is a new product approval that directly addresses BMY's need to replace lost revenue from expiring patents.

  • Expanded AI partnerships for drug discovery Bristol expanded its partnership with Nvidia to build a next-generation AI supercomputer and struck a deal with Schrödinger to deploy its AI co-scientist Bunsen. These investments aim to speed up drug discovery and reduce costs, supporting long-term pipeline efficiency and innovation.

    These partnerships highlight BMY's commitment to technological innovation, which could improve future drug development and cost efficiency.

▲2

Bristol Q2 Beat and AstraZeneca Merger Talk Lift BMY

  • Q2 beat and raised full-year guidance Bristol reported roughly $13.0 billion in quarterly revenue, beating expectations by $1.23 billion, with cancer drugs driving growth. Adjusted earnings per share jumped about 40% to $2.04. Management raised full-year revenue and profit guidance above consensus, signaling the growth portfolio is replacing lost older-drug sales faster than feared.

    This is the core fundamental news of the period and directly supports a higher valuation for BMY.

  • Reported AstraZeneca merger talks boost BMY shares The Financial Times and other outlets reported preliminary merger discussions between AstraZeneca and Bristol-Myers Squibb that could create a nearly $400 billion drugmaker. BMY shares rose about 8% in premarket trading before fading to near flat, as investors saw a possible takeover premium but also big antitrust hurdles and doubts a deal gets done.

    This is the single biggest new event moving BMY's stock this period and explains the sharp price reaction.

  • Deal skepticism and antitrust concerns cap the rally AstraZeneca shares fell about 9% while BMY's early 8% gain faded to near flat, showing the market doubts the deal's value and feasibility. Analysts flagged direct competition in lung cancer between Opdivo and Imfinzi, and estimated neither company has the standalone financial firepower to buy the other outright. A deal may never happen.

    It is the essential counterweight to the merger headline and explains why BMY's initial surge did not hold.

July 2026
▲2▼2

Pipeline and AI Advances Offset Pricing and Competition Pressures

  • Cytokinetics launches Myqorzo, competing with Camzyos Cytokinetics launched Myqorzo in the U.S. and Germany for the same heart condition Camzyos treats. With over 275 prescribers already, this new rival could steal Camzyos sales, weighing on BMY's revenue growth.

    This is a new competitive threat that directly pressures a key BMY drug.

  • Trump administration drug-pricing deals include Bristol Myers Squibb Bristol agreed to voluntary most-favored-nation pricing, aligning some U.S. drug prices with lower prices abroad. With top sellers like Revlimid and Eliquis already facing patent expirations, this makes replacing lost revenue even harder.

    This is a new pricing agreement that directly affects BMY's revenue outlook.

  • FDA accepts mezigdomide application for multiple myeloma The FDA accepted Bristol's application for mezigdomide in relapsed multiple myeloma, with a decision expected by May 2027. The drug showed strong trial results, offering a potential new treatment to help offset lost sales from older drugs.

    This is a new regulatory milestone that advances a promising pipeline drug.

  • Bristol expands AI drug discovery with NVIDIA and new San Diego hub Bristol is building the most powerful AI supercomputer in life sciences with NVIDIA and opened a 427,000-square-foot San Diego research hub. These investments aim to speed up drug discovery and improve pipeline efficiency, supporting long-term growth.

    These new technology investments could enhance BMY's ability to develop new drugs faster.

▲2▼2

Pipeline and AI Advances Offset Pricing and Competition Pressures

  • Cytokinetics launches Myqorzo, competing with Camzyos Cytokinetics launched Myqorzo in the U.S. and Germany for the same heart condition Camzyos treats. With over 275 prescribers already, this new rival could steal Camzyos sales, weighing on BMY's revenue growth.

    This is a new competitive threat that directly pressures a key BMY drug.

  • Trump administration drug-pricing deals include Bristol Myers Squibb Bristol agreed to voluntary most-favored-nation pricing, aligning some U.S. drug prices with lower prices abroad. With top sellers like Revlimid and Eliquis already facing patent expirations, this makes replacing lost revenue even harder.

    This is a new pricing agreement that directly affects BMY's revenue outlook.

  • FDA accepts mezigdomide application for multiple myeloma The FDA accepted Bristol's application for mezigdomide in relapsed multiple myeloma, with a decision expected by May 2027. The drug showed strong trial results, offering a potential new treatment to help offset lost sales from older drugs.

    This is a new regulatory milestone that advances a promising pipeline drug.

  • Bristol expands AI drug discovery with NVIDIA and new San Diego hub Bristol is building the most powerful AI supercomputer in life sciences with NVIDIA and opened a 427,000-square-foot San Diego research hub. These investments aim to speed up drug discovery and improve pipeline efficiency, supporting long-term growth.

    These new technology investments could enhance BMY's ability to develop new drugs faster.

Q2 2026
▼3▲1

Pipeline Wins Offset Medicare and China Probe Risks

  • Three pipeline wins in two weeks Bristol reported positive late-stage results for three experimental drugs: SUCCESSOR-2 in multiple myeloma, izalontamab brengitecan in breast and esophageal cancer, and a CAR-T therapy with a 96% response rate. New treatments help replace sales lost as older drugs face cheaper copies.

    This is the main new force lifting BMY: fresh pipeline data that can offset patent losses.

  • Congress probes China trials A House committee opened an investigation into Bristol over clinical trials at Chinese military hospitals and in Xinjiang. This adds legal and reputational risk, and could lead to restrictions or penalties, which weighs on the stock.

    It is a new regulatory threat that could hurt BMY's reputation and operations.

  • Medicare price negotiation risk Proposed changes would make Medicare drug price negotiation permanent from 2029 and tighten rules on fixed-combination drugs. This could pressure future U.S. prices for some Bristol medicines, though legal challenges and a broad product mix may soften the blow.

    It flags a new pricing risk that could lower BMY's future revenue.

  • Roche rival beats Krazati Roche's divarasib outperformed Bristol's Krazati in a Phase III lung cancer trial, meeting survival goals. This competitive threat could erode Krazati's market share and future sales, a negative for BMY.

    It shows a new competitive loss that could reduce BMY's oncology revenue.

June 2026
▼3▲1

Pipeline Wins Offset Medicare and China Probe Risks

  • Three pipeline wins in two weeks Bristol reported positive late-stage results for three experimental drugs: SUCCESSOR-2 in multiple myeloma, izalontamab brengitecan in breast and esophageal cancer, and a CAR-T therapy with a 96% response rate. New treatments help replace sales lost as older drugs face cheaper copies.

    This is the main new force lifting BMY: fresh pipeline data that can offset patent losses.

  • Congress probes China trials A House committee opened an investigation into Bristol over clinical trials at Chinese military hospitals and in Xinjiang. This adds legal and reputational risk, and could lead to restrictions or penalties, which weighs on the stock.

    It is a new regulatory threat that could hurt BMY's reputation and operations.

  • Medicare price negotiation risk Proposed changes would make Medicare drug price negotiation permanent from 2029 and tighten rules on fixed-combination drugs. This could pressure future U.S. prices for some Bristol medicines, though legal challenges and a broad product mix may soften the blow.

    It flags a new pricing risk that could lower BMY's future revenue.

  • Roche rival beats Krazati Roche's divarasib outperformed Bristol's Krazati in a Phase III lung cancer trial, meeting survival goals. This competitive threat could erode Krazati's market share and future sales, a negative for BMY.

    It shows a new competitive loss that could reduce BMY's oncology revenue.

▼3▲1

Pipeline Wins Offset Medicare and China Probe Risks

  • Three pipeline wins in two weeks Bristol reported positive late-stage results for three experimental drugs: SUCCESSOR-2 in multiple myeloma, izalontamab brengitecan in breast and esophageal cancer, and a CAR-T therapy with a 96% response rate. New treatments help replace sales lost as older drugs face cheaper copies.

    This is the main new force lifting BMY: fresh pipeline data that can offset patent losses.

  • Congress probes China trials A House committee opened an investigation into Bristol over clinical trials at Chinese military hospitals and in Xinjiang. This adds legal and reputational risk, and could lead to restrictions or penalties, which weighs on the stock.

    It is a new regulatory threat that could hurt BMY's reputation and operations.

  • Medicare price negotiation risk Proposed changes would make Medicare drug price negotiation permanent from 2029 and tighten rules on fixed-combination drugs. This could pressure future U.S. prices for some Bristol medicines, though legal challenges and a broad product mix may soften the blow.

    It flags a new pricing risk that could lower BMY's future revenue.

  • Roche rival beats Krazati Roche's divarasib outperformed Bristol's Krazati in a Phase III lung cancer trial, meeting survival goals. This competitive threat could erode Krazati's market share and future sales, a negative for BMY.

    It shows a new competitive loss that could reduce BMY's oncology revenue.

US Dollar/Japanese Yen FX Spot Rate (USDJPY.FOREX)

Q3 2026
▲2▼2

USD/JPY hits 40-year high, then intervention and BOJ hike trigger reversal

  • USD/JPY hits 40-year high near 164 In early Q3, USD/JPY surged to a 40-year high near 164, driven by rising US yields, Fed rate hike bets, Middle East oil shocks, safe-haven dollar flows, and weak Japanese economic data.

    This is the peak event of the period and a key new development.

  • Record US-Japan intervention caps rally A record joint intervention by the US and Japan, totaling up to $96.4 billion, capped USD/JPY gains and sent the pair down to 157.95, as authorities acted to support the yen.

    This is a major new policy action that directly reversed the trend.

  • Intervention impact fades, USD/JPY rebounds The intervention's effect faded as Japanese investors bought foreign bonds and oil prices surged, lifting USD/JPY back toward 160, showing the underlying strength of dollar demand.

    This explains the rebound after intervention and is new to this period.

  • BOJ hikes to 1.25%, carry trades unwind In September, the BOJ raised rates to 1.25%, a 31-year high, triggering carry-trade unwinds that pushed USD/JPY to a seven-month low near 152.89, though Fed hikes to 3.75–4.00% and US 10-year yields above 5.2% limited yen gains.

    This is the key new monetary policy shift that drove the pair lower.

September 2026
▼3▲1

Yen hits 7-month high on BOJ hike, intervention, carry unwind

  • BOJ hikes to 31-year high The Bank of Japan raised its main interest rate to 1.25%, the highest in 31 years, and signaled more increases ahead. Higher rates make yen assets more attractive, pulling money into the yen and pushing USD/JPY lower.

    This is a major new event that directly strengthened the yen and drove USD/JPY down.

  • Record yen-buying intervention Japan spent a record $96.4 billion buying yen, with active support from the US Treasury. This massive coordinated effort forced USD/JPY down to a seven-month low near 152.89.

    This is a new, large-scale intervention that directly pushed the yen higher.

  • Carry-trade unwind A huge unwind of carry trades—where investors borrowed cheap yen to buy higher-yielding currencies—accelerated the yen's rise. As the BOJ tightened, these positions were closed, adding to yen buying.

    This is a new force that amplified the yen's appreciation during the period.

  • Fed hike and surging US yields The Fed raised rates to 3.75–4.00% and signaled more, pushing the 10-year US yield above 5.2%. Higher yields attracted money into dollars, limiting the yen's gain and even pushing USD/JPY past 157 at one point.

    This is a key counterweight that prevented a larger yen rally.

Latest
▼3▲1

BOJ tightening bets and official pushback drive yen higher

  • BOJ signals faster rate hikes, Tokyo inflation jumps BOJ September minutes showed several members backing quicker rate hikes, and Tokyo core inflation jumped to 2.7% in September from 1.8%, above forecasts. Higher Japanese rates make yen assets more attractive, strengthening the yen and pushing USDJPY down.

    This is the core new force: fresh evidence of faster BOJ tightening and hotter inflation directly strengthens the yen.

  • US and Japanese officials talk the yen up Trump and PM Takaichi both flagged the yen's weakness at their summit, and Japan's currency officials said the US and Japan sent very clear signals. The threat of official yen-buying intervention strengthens the yen and pushes USDJPY down.

    New high-level political pressure against yen weakness adds a fresh, yen-supportive force beyond central bank policy.

  • US yields surge on strong data and Fed hike bets US 10-year yields topped 5.2% and 30-year hit 5.57% as strong US PMI data and oil-driven inflation fears lifted October Fed hike odds to about 70%. Higher US rates pull money into the dollar, pushing USDJPY up.

    This is the main counterweight: rising US rates and a hawkish Fed pull the dollar up against the yen.

  • Yen carry trade unwind and fund repatriation build Strategists blamed the global bond rout on the unwinding yen carry trade, and Japanese banks sold about $70 billion of foreign bonds this year. As cheap-yen borrowing reverses and money returns home, the yen strengthens and USDJPY falls.

    It explains a structural, slow-moving flow that supports the yen and answers why the rate is moving beyond daily news.

▼3▲1

BOJ hike bets and record yen-buying intervention drive yen to 7-month high

  • BOJ signals more rate hikes ahead BOJ Deputy Governor Himino, board members Takata and Masu, and meeting minutes all pointed to further rate hikes, with Tokyo inflation accelerating and wages rising the most in nearly 30 years. Higher Japanese rates make yen assets more attractive, strengthening the yen and pushing USDJPY down.

    This is the core force behind the yen's surge this period, repeatedly confirmed by BOJ officials and data.

  • Speculators flip to net long yen, carry trades unwind For the first time since February, speculators turned net long on the yen, and the yen rallied over 7 yen in a week to a 7-month high near 152.89. Investors rushing to close carry trades (borrowing cheap yen to buy higher-yielding assets) bought back yen, pushing USDJPY down.

    This shows a major shift in market positioning that amplifies the yen's rise.

  • Japan and US officials keep up intervention pressure Finance Minister Katayama said Japan won't hesitate to coordinate intervention with the US, and Treasury Secretary Bessent told Congress the joint yen-buying was beneficial. The threat of more official yen buying strengthens the yen and pushes USDJPY down.

    Official intervention and warnings are a direct force supporting the yen.

  • US yields surge on Fed hike expectations Japan's 10-year yield hit 3.115%, a 30-year high, but US 10-year and 30-year yields jumped even more, to 5.225% and 5.502%, as markets priced a 69% chance of another Fed hike in October. Higher US rates pull money into the dollar, pushing USDJPY up.

    This is the main counterweight that could limit the yen's rise.

▲2▼2

Fed and BOJ both hike, but dollar still edges yen lower

  • Fed hikes rates for first time in over three years The Federal Reserve raised its policy rate to 3.75–4.00%, its first hike since 2023, and most officials expect another increase this year. Higher US rates make dollar assets more attractive, pulling money into the dollar and pushing USDJPY up.

    This is the main new force supporting the dollar and lifting USDJPY this period.

  • BOJ raises rate to 1.25%, highest since 1995 The Bank of Japan lifted its policy rate to 1.25%, the highest in about 31 years, and signaled more hikes ahead. Higher Japanese rates make yen assets more attractive, strengthening the yen and pushing USDJPY down.

    This is the main new force supporting the yen and weighing on USDJPY this period.

  • Yen weakens past 157 despite BOJ hike The BOJ hike was fully expected, two board members opposed it, and Japan's core inflation cooled to 1.7% in August. Traders judged the BOJ will tighten more slowly than the Fed, so the yen fell past 157 per dollar, lifting USDJPY.

    It explains why USDJPY rose even as the BOJ raised rates, a key new market reaction.

  • Japan signals possible yen-buying intervention Japan's Nikkei reported the BOJ conducted a rate check, a step before currency intervention, and the yen jumped into the 156 range. Direct yen buying strengthens the yen and pushes USDJPY down, though past interventions faded.

    It is a real counterweight that can push USDJPY down and is new this period.

▼4

Yen surges to 7-month high on BOJ hike bets and record intervention

  • BOJ rate hike to 1.25% confirmed for Sept 17-18 The Bank of Japan has decided to raise its policy rate to 1.25%, the highest in 31 years, at its September 17-18 meeting. Higher Japanese rates make yen assets more attractive, strengthening the yen and pushing USDJPY down.

    This is the single biggest new driver this period, directly strengthening the yen.

  • Yen carry trade unwinds as BOJ hawkishness builds The yen surged to 152.89 per dollar, its strongest since February, as investors rushed to close carry trades (borrowing yen to buy higher-yielding assets). Record 360 trillion yen in cross-border borrowing is unwinding, pushing the yen up and USDJPY down.

    Explains the sharp yen strengthening and why it may continue.

  • Japan's record $79.6bn reserve draw funds yen buying Japan's foreign exchange reserves fell by a record $79.6 billion in August after Tokyo spent $98.7 billion buying yen. This massive intervention directly strengthens the yen, though reserves are now limited, which could reduce future intervention power.

    Shows the scale of official yen support and its limits.

  • Bessent's Treasury buybacks and pro-yen stance US Treasury Secretary Bessent announced $6 billion in long-dated bond buybacks to lower yields and declared 'I am the house now' on the yen, coordinating with Japan to support the yen. This pulled USDJPY down from 158.89 to 153.63.

    US policy is actively pushing the yen up, a new and powerful force.

▼3

Yen surges as BOJ September hike nears and Fed holds off

  • BOJ set to hike to 1.25%, strongest yen driver The Bank of Japan is seriously considering raising its policy rate to 1.25% at its September 17-18 meeting, the highest in about 31 years, with markets now pricing a 98% chance of a hike. Higher Japanese rates make yen assets more attractive, strengthening the yen and pushing USDJPY down.

    This is the single biggest new force this period and directly explains the yen's sharp rise.

  • Waller signals Fed may hold, dollar weakens Fed Governor Waller said the Fed 'can wait one meeting' and should 'give disinflation a chance,' cutting September hike odds from 63% to about 50%. Lower expected US rates reduce the dollar's appeal, weakening the dollar and pushing USDJPY down.

    A new shift in US rate expectations is the other half of the narrowing US-Japan rate gap.

  • Yen jumps past 160 to mid-155 on suspected BOJ intervention The yen surged about 2.5% from 158.5 to 155.4, with analysts pointing to another BOJ intervention after Japan's record 15.4 trillion yen ($98 billion) yen-buying effort. Direct yen buying strengthens the yen and pushes USDJPY down, though intervention effects have faded before.

    A fresh, large intervention-scale move is a direct driver of the rate's sharp drop.

  • Japan 10-year yield hits 3%, but oil and fiscal worries cut both ways Japan's 10-year bond yield reached 3% for the first time in 30 years on BOJ hike bets, drawing money into yen and pushing USDJPY down. But Middle East clashes lifted oil above $96, hurting Japan's import-heavy economy, and a record 36.6 trillion yen debt-servicing budget fuels fiscal worries that can weaken the yen.

    It shows the real counterweight: higher yields support the yen, but oil and fiscal risk work against it.

August 2026
▼2▲1

Record Yen-Buying Intervention Battles Persistent Dollar Strength

  • Record US-Japan intervention Japan spent a record $96.4bn buying yen, with US Treasury Secretary Bessent's aggressive support, pushing USD/JPY down. This unprecedented campaign initially strengthened the yen.

    It was the main new force driving USD/JPY lower in August.

  • Weak US jobs and BOJ hike bets Weak US jobs data and expectations that the Bank of Japan will hike rates in September also weighed on USD/JPY, as a BOJ hike would make yen assets more attractive.

    These factors added downward pressure on USD/JPY during the period.

  • Intervention impact fades The intervention's effect faded as Japanese investors kept buying foreign bonds, oil surged on the closed Strait of Hormuz, and rising long-term US and Japanese yields supported the dollar, lifting USD/JPY back toward 159–160.

    It explains why USD/JPY rebounded despite the record intervention.

  • Fed hike hint vs BOJ caution Fed Chair Warsh hinted at a September hike, briefly lifting USD/JPY to 160. But if the BOJ turns cautious on weak GDP, yen weakness could accelerate; a BOJ hike would strengthen the yen.

    It highlights the two-sided risks that kept USD/JPY volatile.

▼2▲1

Record Japan-US yen buying vs Fed hike talk keeps USDJPY whipsawing

  • Japan's record $96bn yen-buying intervention Japan spent a record 15.4 trillion yen ($96.4 billion) between July 30 and August 26 to buy yen and sell dollars, with US support. This directly strengthens the yen and pushes USDJPY down, though the effect fades as investors keep selling yen.

    The record scale of intervention is the biggest new fact shaping the yen's floor and directly answers what is driving USDJPY.

  • Fed Chair Warsh hints at rate hike, dollar jumps to 160 yen Fed Chair Warsh said rates may need to rise to fight inflation, lifting the chance of a September hike to about 58% from 35%. Higher US rates make the dollar more attractive, pushing USDJPY up toward 160.

    This is the newest force pushing the dollar up and explains why USDJPY recovered to 160 despite intervention.

  • BOJ September rate hike expected, narrowing rate gap Markets expect the Bank of Japan to raise rates at its September 18 meeting, with the 10-year Japanese yield near 3%, the highest since the mid-1990s. Higher Japanese rates make the yen more attractive, working against USDJPY rising.

    The BOJ's expected hike is a key counterweight to dollar strength and a main reason USDJPY may not keep climbing.

  • US Treasury buybacks and Bessent's warning cut both ways The US Treasury expanded long-term bond buybacks, pulling US yields down and strengthening the yen to about 158. But Bessent warned disorderly yen moves could raise US rates, keeping the US ready to support the yen again.

    These policy moves show the two-way tug on USDJPY: lower US yields help the yen, while US readiness to intervene caps yen weakness.

▲2▼1

Yen weakness persists despite historic US-Japan intervention

  • Historic US-Japan joint yen-buying intervention Japan and the US jointly bought yen in early August, the first coordinated action since 1998, with Japan possibly spending up to $59 billion in one day. This directly strengthens the yen and pushes USDJPY down, though the effect has faded.

    This is the biggest new force this period, directly pushing USDJPY down.

  • Intervention impact fades; yen slips back After touching 155.23 per dollar, the yen weakened back to around 159.60 as the intervention's effect faded and no further action followed. Japanese investors kept buying foreign bonds, keeping money flowing out of the yen, so the downward push on USDJPY may not last.

    Shows the counterweight: intervention gains are being erased, allowing USDJPY to rise again.

  • Rising long-term yields and fiscal worries support dollar Japan's 10-year yield hit a 30-year high of 2.945% and the US 30-year reached 5.3%, a 19-year high, on concerns about Japan's fiscal situation and higher oil prices. Higher long-term yields pull money into the dollar and out of the yen, pushing USDJPY up.

    This is a new driver this period that supports USDJPY despite intervention.

  • Bessent pushes for coordinated intervention plus BOJ hike Treasury Secretary Bessent, now the most interventionist in decades, wants Japan to combine yen-buying with a BOJ rate hike. A BOJ hike would strengthen the yen, but if the BOJ turns cautious because of weak GDP, yen weakness could gain momentum.

    This new policy stance could either strengthen or weaken the yen, making it a key uncertainty.

▲2▼2

Yen stays weak as intervention fades and BOJ September hike looms

  • Weak US jobs data cuts Fed hike odds, dollar falls July US payrolls unexpectedly fell by 23,000, the first drop in five months, and wage growth slowed. Markets now see only about a 44% chance of a September Fed rate hike, down from 58%. Lower US rate expectations weaken the dollar and strengthen the yen, pushing USDJPY down.

    This is the main new US-side force this period, directly lowering the dollar's appeal versus the yen.

  • BOJ signals possible September rate hike The Bank of Japan may raise rates as early as its September 17-18 meeting, its first hike in three months, as July wholesale prices rose 7.2% and weak yen fuels inflation. Higher Japanese rates make the yen more attractive, strengthening it and pushing USDJPY down.

    A BOJ hike is the biggest new yen-supporting force and a key counterweight to yen weakness.

  • Intervention effect fades; yen slips back past 159 The yen weakened back to about 159 per dollar, erasing a quarter of the gains from the roughly $88 billion joint intervention ten days earlier. Japanese investors kept buying foreign bonds, keeping money flowing out of the yen. This shows the intervention's downward push on USDJPY may not last.

    It shows the earlier intervention is losing force, a real counterweight to the yen-strengthening story.

  • Oil surge and weak yen push long-term yields higher Brent crude jumped 5% to near $90 as the Strait of Hormuz stayed closed, and the yen weakened past 159. Higher oil hurts Japan, which imports almost all its oil, and rising long-term US yields pull money into the dollar, both pushing USDJPY up.

    Oil and yield moves are a fresh upward force on USDJPY this period.

▼3▲1

US-Japan joint yen-buying intervention drives USDJPY down; weak US jobs add pressure

  • Historic US-Japan joint intervention The US and Japan jointly bought yen in late July and early August, the first coordinated action since 1998. Japan may have spent up to $59 billion in one day. This directly strengthens the yen and pushes USDJPY down.

    This is the dominant new force driving USDJPY lower this period.

  • US Treasury signals more yen buying Treasury Secretary Bessent called the yen 'very undervalued' and said the US will not hesitate to join further intervention. The US also proposed expanding a Fed facility so Japan can get dollars without selling US Treasuries. This keeps pressure on USDJPY.

    It shows official US support for a stronger yen, a key driver of the rate.

  • Weak US jobs data cuts Fed hike odds US payrolls fell by 23,000 in July, far below expectations. Markets now see a 56% chance the Fed holds rates in September, up from 45%. Lower US rate expectations weaken the dollar and push USDJPY down.

    It directly reduces the dollar's yield appeal, a main support for USDJPY.

  • Intervention impact fades; yen slips back The yen has weakened back to 158.45 per dollar after touching 155.23, surrendering nearly half its gains. Analysts see more intervention likely if the yen approaches 160. This shows the downward push may not last.

    It provides a fair counterweight: the intervention's effect is already fading.

July 2026
▲2▼2

USD/JPY Hits 40-Year High, Then Plunges on Record Intervention

  • US yields and Fed hike bets lift dollar Rising US bond yields and strong expectations of Fed rate hikes made the dollar more attractive, pushing USD/JPY to a 40-year high near 164.

    This explains the main upward force on USD/JPY during the period.

  • Oil shock and safe-haven demand support dollar Middle East oil shocks and safe-haven flows boosted the dollar, while weak Japanese data and fiscal worries weighed on the yen, adding to USD/JPY gains.

    These factors contributed to the dollar's strength and yen's weakness.

  • Rising Japanese yields and BOJ hike bets cap gains Japan's 10-year yield hit a 29-year high, raising carry-trade costs, and BOJ rate-hike expectations grew, limiting further USD/JPY upside.

    This counterweight prevented even larger gains before the intervention.

  • Record intervention and Fed hold slam USD/JPY Japan intervened massively (up to $59 billion), with possible US support, sending USD/JPY from 163.65 to 157.95; a Fed hold and weak US GDP added downward pressure.

    This was the major event that reversed the pair's rise late in the month.

▼4

Japan and US intervene to rescue yen from 40-year low

  • Japan's massive yen-buying intervention Japan intervened in New York on July 30, buying yen and selling dollars, possibly up to $59 billion. The yen surged from 163.65 to 157.95 in 50 minutes, its biggest daily gain since 2022. This directly strengthens the yen and pushes USDJPY down.

    This is the single biggest new force this period, directly reversing the yen's weakness.

  • US Treasury signals it may join intervention The US Treasury told banks through the New York Fed it may intervene in the yen market, and Japan and South Korea staged a rare joint intervention with US support. US backing makes the yen-buying effort more powerful and credible, pushing USDJPY down.

    US involvement is a new escalation that amplifies the intervention's impact on USDJPY.

  • Fed holds rates, weak US GDP, dovish tilt The Fed kept rates at 3.50-3.75% for the fifth straight time, with three members wanting a hike. US second-quarter GDP grew only 1.5%, missing forecasts. This reduces the US-Japan rate gap appeal, weakening the dollar and pushing USDJPY down.

    A less hawkish Fed and weak growth remove a key support for the dollar, helping the yen.

  • BOJ keeps door open for faster rate hikes The BOJ held rates at 1% but signaled readiness to hike again, with a professor saying it could move to quarterly hikes if wages stay strong. Higher Japanese rates would make the yen more attractive, working against USDJPY rising.

    BOJ hawkishness is a persistent counterweight to yen weakness, now reinforced by intervention.

▲3▼1

Oil shock and Fed hike bets drive yen to 40-year low

  • Oil spike on Middle East conflict lifts dollar and sinks yen Brent crude topped $100 after Houthi attacks on Saudi tankers and US-Iran strikes. Higher oil raises US inflation expectations, boosting Fed rate-hike bets and dollar demand, while it hurts Japan, which imports almost all its oil. USDJPY rose to near 164, a 40-year high.

    The dominant new force this period pushing USDJPY up.

  • Fed rate-hike odds jump, widening the US-Japan rate gap Markets now price an 83% chance of a September Fed hike, up from about 52% a week earlier, and the US 10-year yield hit 4.70%, its highest since January 2025. Higher US rates pull money into the dollar and out of the low-yielding yen, pushing USDJPY up.

    Core monetary driver of dollar strength versus yen.

  • BOJ signals it may hike faster; Japan warns on intervention The BOJ is reportedly open to raising rates faster than the market expects, and Finance Minister Katayama repeated readiness to act 'decisively' as the yen passed 163. Both strengthen the yen and cap USDJPY, though they have not reversed the uptrend.

    The main counterweight working against further USDJPY gains.

  • Japan fiscal worries and weak trade data add to yen selling DoubleLine warned Japan's unfunded spending risks a UK-style bond revolt, and Japan's June trade deficit widened to ¥406.9 billion as imports hit a record. Both undermine confidence in Japanese assets and the yen, supporting USDJPY.

    New fiscal and trade factors adding downward pressure on the yen.

▲3▼1

Yen slides on pension doubts and oil spike; Fed-BOJ hike race caps losses

  • Japan pension fund overhaul doubts weaken yen A Reuters report said Japan has no immediate plan to change its state pension funds' asset allocations, reducing demand for yen. With less yen buying from Japan's huge pension savings, the yen weakens and USDJPY rises.

    This is a new, specific driver that weakens the yen and pushes USDJPY up.

  • Middle East oil spike and safe-haven dollar demand US-Iran tensions escalated with attacks and a Strait of Hormuz blockade, pushing crude oil up 9%. Investors bought dollars as a safe haven, while higher oil prices hurt Japan's import-heavy economy, both pushing USDJPY higher.

    New escalation this period directly boosts dollar demand and weakens yen via oil.

  • Hawkish Fed comments and rising US yields support dollar Fed officials made hawkish remarks and the US 10-year yield rose to 4.63%, a two-month high. Higher US yields make dollar deposits more attractive, pulling money into the dollar and pushing USDJPY up.

    New hawkish Fed signals and yield spike this period strengthen the dollar.

  • BOJ rate hike expectations and bond-buying talk cap yen weakness Japan's inflation is strong, with about 70% odds of a BOJ rate hike by October. A former BOJ board member said the government may ask the BOJ to buy more bonds if long-term rates exceed 3%, which would weaken the yen, but the hike path supports the yen and limits USDJPY gains.

    This is the main counterweight: BOJ tightening expectations strengthen the yen and cap USDJPY.

▲2▼1

Yen slides to 162 as US yields and oil spike, Japan yields cap gains

  • US 10-year yield hits 4-week high, supporting dollar The US 10-year Treasury yield rose to 4.58%, a four-week high, after hawkish Fed minutes and rising oil prices. Higher US yields make dollar deposits more attractive, pulling money into the dollar and pushing USDJPY up.

    Directly explains the dollar's yield advantage that keeps USDJPY elevated.

  • Middle East oil spike and safe-haven dollar demand US-Iran tensions escalated with strikes near the Strait of Hormuz, pushing crude oil up 3% and stocks down. Investors bought dollars as a safe haven, while higher oil prices hurt Japan's import-heavy economy, both pushing USDJPY higher.

    New geopolitical shock that boosts dollar demand and weighs on the yen.

  • Japanese 10-year yield hits 29-year high, raising carry-trade costs Japan's 10-year bond yield briefly hit 2.86%, the highest since 1997, as the BOJ trims bond buying and fiscal worries grow. Higher Japanese yields make the yen more attractive to hold and raise the cost of borrowing yen to fund dollar purchases, working against USDJPY rising.

    Key counterweight that could slow or reverse yen weakness.

Q2 2026
▲2▼2

Hawkish Fed and Weak Yen Drive USD/JPY Higher Despite BOJ Tightening

  • Hawkish Fed under new chair Kevin Warsh The Federal Reserve, under new chair Kevin Warsh, took a hawkish stance, boosting expectations for interest rate hikes. This strengthened the US dollar against the yen as investors anticipated higher returns on dollar assets.

    This is a key new factor driving the dollar higher.

  • Surging Fed hike bets Market bets on Fed rate hikes surged, pushing US bond yields up and attracting capital to the dollar. The yen weakened further as the interest rate gap between the US and Japan remained wide, encouraging carry trades.

    This reinforces the dollar's strength and yen's weakness.

  • BOJ hike to 1% and faster tightening signals The Bank of Japan raised its policy rate to 1%, the highest since 1995, and signaled faster tightening ahead. This acted as a counterweight, limiting USD/JPY gains by narrowing the rate differential and supporting the yen.

    This is a major counterforce to the dollar's rise.

  • Record ¥11.73 trillion intervention and warnings Japan conducted a record ¥11.73 trillion currency intervention and issued repeated warnings, capping USD/JPY gains. These actions created downside risks and limited further yen weakness.

    This directly countered upward pressure on USD/JPY.

June 2026
▲2▼2

Hawkish Fed and Weak Yen Drive USD/JPY Higher Despite BOJ Tightening

  • Hawkish Fed under new chair Kevin Warsh The Federal Reserve, under new chair Kevin Warsh, took a hawkish stance, boosting expectations for interest rate hikes. This strengthened the US dollar against the yen as investors anticipated higher returns on dollar assets.

    This is a key new factor driving the dollar higher.

  • Surging Fed hike bets Market bets on Fed rate hikes surged, pushing US bond yields up and attracting capital to the dollar. The yen weakened further as the interest rate gap between the US and Japan remained wide, encouraging carry trades.

    This reinforces the dollar's strength and yen's weakness.

  • BOJ hike to 1% and faster tightening signals The Bank of Japan raised its policy rate to 1%, the highest since 1995, and signaled faster tightening ahead. This acted as a counterweight, limiting USD/JPY gains by narrowing the rate differential and supporting the yen.

    This is a major counterforce to the dollar's rise.

  • Record ¥11.73 trillion intervention and warnings Japan conducted a record ¥11.73 trillion currency intervention and issued repeated warnings, capping USD/JPY gains. These actions created downside risks and limited further yen weakness.

    This directly countered upward pressure on USD/JPY.

▼3▲1

Yen hits 40-year low on Fed hike bets, then rebounds on weak US jobs

  • Fed rate hike bets and wide rate gap push yen to 40-year low Traders fully expect at least one Fed rate hike by year-end, with core inflation at its highest since 2023. Because US rates are far above Japan's, investors borrow yen cheaply to buy dollars, pushing USDJPY up to 162.68.

    This is the main force driving USDJPY higher this period.

  • Weak US jobs report slashes Fed hike odds, yen surges June payrolls added only 57,000 jobs, far below the 110,000 expected. The chance of a September Fed hike fell to 53% from 67%, weakening the dollar and strengthening the yen, with USDJPY dropping to 160.97.

    This is the key new counterweight that reversed the dollar's rise.

  • BOJ signals earlier rate hike as economy strengthens The BOJ's Tankan survey showed business confidence at an eight-year high, and markets now see over 60% odds of a rate hike by October. Higher Japanese rates would make the yen more attractive, working against USDJPY rising.

    This is a new fundamental factor that could strengthen the yen going forward.

  • Japan intervention threat caps yen weakness Japan's finance minister repeatedly warned of bold action as the yen passed 162 per dollar. Traders are on high alert for intervention, and Reuters reported a more aggressive strategy, which limits further USDJPY gains.

    This is a real counterweight that prevents the yen from falling further.

▲2▼2

Yen pinned near 40-year low as Fed hike bets and BOJ caution dominate

  • Fed rate hike expectations surge Traders now see a 54% chance of at least two Fed rate hikes by year-end, up from 15% a week ago. Higher US rates make the dollar more attractive to hold, pushing USDJPY up.

    This is the main new force driving the dollar higher against the yen this period.

  • Yen nears 40-year low despite BOJ hike The yen weakened to 161.87 per dollar, just shy of its weakest since 1986, even after the BOJ raised rates to 1%. The rate gap with the US remains wide, keeping the yen weak and USDJPY high.

    Shows the yen's persistent weakness despite BOJ tightening, a key driver of USDJPY.

  • Japan's record yen intervention Japan spent a record ¥11.73 trillion ($73.4 billion) through late May to support the yen, likely selling US Treasuries. This intervention strengthens the yen and works against USDJPY rising, though it hasn't reversed the trend.

    This is a real counterweight that could cap USDJPY gains, important for a balanced view.

  • BOJ official hints at faster rate hikes BOJ board member Naoki Tamura said the central bank should hike rates every few months toward 2%. This signals a tighter Japanese monetary policy ahead, which could strengthen the yen and push USDJPY down.

    A new hawkish BOJ signal that could shift the interest rate gap and yen direction.

▲2▼1

Hawkish Fed and BOJ hike push yen to two-year low

  • Fed turns hawkish under new chair, boosting USD The Federal Reserve, under new chair Kevin Warsh, kept rates steady but signaled it may hike later this year, with nearly half of officials now expecting a hike. This makes the dollar more attractive to hold, strengthening it against the yen and pushing USDJPY higher.

    This is the main new force driving the dollar up and the yen down this period.

  • Bank of Japan raises rates to 1%, highest since 1995 The Bank of Japan raised its policy rate from 0.75% to 1%, the highest since 1995, and will keep reducing bond purchases. Higher Japanese rates make the yen more attractive to hold, which works against USDJPY rising and is a real counterweight to dollar strength.

    This is the main new force supporting the yen and opposing the dollar's rise.

  • Yen carry trade remains heavy despite BOJ hike Even after the BOJ hike, Japanese rates are still far below those in the US, so investors continue borrowing yen cheaply to buy higher-yielding currencies. Leveraged funds hold their largest bearish yen position since 2017, keeping downward pressure on the yen and pushing USDJPY up.

    Explains why the yen stays weak even as the BOJ tightens, a key reason USDJPY keeps rising.

  • Japan warns on yen weakness, intervention risk caps gains Japan's government warned it is ready to act against excessive currency moves as the yen hit a two-year low past 161 per dollar. The threat of intervention can slow or reverse USDJPY's rise, but so far it has only slowed the move, not stopped it.

    This is the main risk that could push USDJPY down and is a real counterweight to the dollar's rise.

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