TODAY: 🇯🇵The yen surged 1.4% to a six-month HIGH of ¥154.04 per dollar, per FT. This surpasses levels reached after Japan’s August intervention. The move fueled speculation that authorities intervened again during thin U.S. holiday trading. Attention has now shifted to next week’s Bank of Japan meeting, with markets pricing in a roughly 75% chance of a 25-basis-point hike to 1.25%. Here’s what analysts are saying: - L. Hardman, MUFG: The rally could last, supported by BoJ rate hikes and pension funds bringing capital home. - S. Kale, Jefferies: Yen borrowing has surged from ¥216 trillion to ¥360 trillion, creating the largest carry-trade buildup in three decades. - M. Richards, BNP Paribas: A 25-basis-point hike and hawkish guidance are likely, but sustained tightening is doubtful. - M. Nakajima, Mizuho: Thin holiday liquidity amplified the move as intervention fears grew. - Tokyo-based fund manager: Back-to-back BoJ rate hikes are becoming the base case, spooking fast-money traders. The risk lies in a RAPID yen rally, which could trigger a violent carry-trade unwind and send shockwaves across stocks, bonds, and crypto.(Coin Bureau)