Leo Lewis
speaker
33 appearances
2 recordings
1 series
first heard Jun 2026
last heard 10 Sep
Leo Lewis’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Sep 2026 with 1.
Appearances
There was this big intervention that you just mentioned earlier in the summer.
But over the weeks that followed, the yen started falling back.
And there was a sense that, you know, are they going to step back into the market?
And then rather to everyone's surprise, the yen started moving seemingly on its own.
The Bank of Japan has been in the process of normalising, which is to say that the Bank of Japan had for a very long time been this big outlier.
It had kept rates very, very low, zero or below for a long period of time.
Normalisation in its terms is bringing interest rates into positive territory.
What's at stake now is that it is under pressure to significantly accelerate that process of normalisation.
Bank of Japan is under pretty overt pressure from the US side to get ahead of the curve and to accelerate or become more aggressive in its schedule of interest rate increases.
There's been some speculation it might do back to back
interest rate increases and do another one in October, which again, would be very, very rare.
And so there's a lot going on in the minds of people who are worried that they could very easily or very quickly get on the wrong side of a big yen move.
Because there was such a substantial show of willpower by the Japanese and they had the kind of permission, more than permission, an endorsement really from the U.S.
side.
The market is left with the sense that they could do it again at any time.
And if they have managed through the intervention to slightly reset the way that markets look at the yen and the risks around the dollar-yen exchange rate, then that will have been an effective intervention.
Sure.
So we're 10 years in, really, to a long process that the Japanese government has been undertaking since the mid-2010s when Prime Minister Shinzo Abe was in charge.
The idea was that the long-term future of Japan depended on
better governance standards in a market that had been moribund for quite a long time.
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