As Japanese markets reopen after a holiday, the yen has fallen for a second straight week, pushing USD/JPY back toward the closely watched 160 level and reviving intervention risk. Market participants say 160 is again a test of Japan’s tolerance for depreciation after the Bank of Japan’s Sept. 18 policy meeting; the BOJ has accelerated tightening amid internal dissent while US policy appears to be moving more hawkishly. Commonwealth Bank of Australia strategist Carol Kong warns that if US yields continue to rise and markets probe Japan’s resolve, USD/JPY could soon breach 160; a rapid break would materially increase the likelihood of official action, noting recent reports Japan has run exchange‑rate checks and there is precedent for coordinated intervention.(金十)