The fundamental reasons for the continued weakness of the yen are still those two old problems - the interest rate differential between Japan and global markets, as well as the Central Bank's cautious attitude in policy communication.

Currently, although the Central Bank occasionally issues some verbal intervention signals, the actual influence on the exchange rate trend is limited. The key is that as long as there are no stronger signals of tightening policies, this situation is difficult to fundamentally change. The recent performance of related assets such as $CYS also reflects the dulling of market expectations.

In other words, the real turning point must wait for the Central Bank to come up with substantive policy actions. Just shouting slogans is no longer very useful.