USD/JPY pushed above 140 on Thursday without much fanfare. The pair's acceleration above 140 may revamp risk of FX interventions as the last time USD/JPY was above 140 in the late 1990s, the Japanese were intervening, economists at ING report.

Getting too weak for comfort?

“Investors have downscaled fears over possible Japanese FX intervention to sell USD/JPY. While we all acknowledge that Japanese authorities would be trying to turn back the tide here (USD/JPY is above 140 for good macro reasons) we should not discount intervention completely.”

“Any sharp near-term move to the 142/143 would probably spark a much sharper verbal protest from Japanese authorities and put intervention back on the agenda.”