USDJPY Enters Intervention TerritoryUS Dollar/Japanese YenFX:USDJPYftdsystemAccording to a Bank of America survey of 170 fund managers, the Japanese yen is expected to be the top-performing major currency in 2026, with gold in second place. Despite these bullish longer-term expectations, the USDJPY rally continues relentlessly. Contributing factors include fears of a large supplementary budget, potential delays to BOJ rate hikes, slower-than-expected Fed rate cuts, and heightened Japan-China tensions. Japanese authorities have once again begun verbal intervention, warning about excessive yen weakness following the latest sharp moves, though no actual intervention has occurred yet. The 157 level could act as near- to medium-term resistance, but USDJPY still needs a clear catalyst to reverse its uptrend despite the pair's substantial downside potential on any shift in fundamentals or policy.