Research Team at BBH, suggests that the yen is making new highs for this move, and Japan officials are not happy. Key Quotes “With USD/JPY edging closer to the 110, BOJ Governor Kuroda noted that the bank is monitoring developments in the FX markets. Chief Cabinet Secretary Suga said the government is also watching FX movements with “vigilance.” Yet the bar seems high for unilateral FX intervention, and even higher for a multilateral effort. USD/JPY hasn’t traded below 110 since the surprise BOJ easing back on October 31 2014. Charts point to a potential test of the mid-October 2014 low near 105.25.” For more information, read our latest forex news.