US Treasury secretary Bessent might be trying to nudge markets in one direction but traders are not really listening to that all too much. Despite his comments overnight, we are once again seeing USD/JPY push up to test the waters above the 160.00 level today.Intervention time again?The currency pair saw a nudge up to try and push above the figure level on Friday, following Fed chair Warsh's more hawkish remarks. But as the dollar eased a little yesterday, there wasn't much appetite to go running.But now though, traders are needing to digest the broader selloff in global bonds. And that is evidently spilling over to Treasuries as well.In Europe, we're seeing bond yields hit highs in over a decade and Japan's initial budget request being the biggest one on record is also seeing yields there shoot higher. And now, we're seeing that push over to the US with 10-year Treasury yields jumping to 4.78%. That's a big breakout from the recent range, which the high was capped closer to 4.75%.Taking that into consideration, it's another tailwind to drive USD/JPY higher. However, traders will have to be cautious about intervention risks again at these levels.With Bessent being active and warning that Japan will be taking action to strengthen the yen, there is reason to believe that if the upside momentum moves too far, too fast then the ministry of finance will step in again.That being said, there is the BOJ policy decision still to come later this month. And typically, Japanese authorities will want to let that take the lead instead of intervening beforehand.Still, it doesn't mean that traders have free room to push the agenda. The path of least resistance may still be for USD/JPY to move higher, but it will be a gradual push at best considering the intervention risks in play.The 160 level is still a key psychological barrier but with yields pushing up still, it's tough to constantly keep fighting against the tide - even for the US and Japanese authorities. This article was written by Justin Low at investinglive.com.