Due to the suspension of the decline in the exchange rates of the Japanese yen after long-term selling, and the accelerated downside of US government bond yields after the release of non-farm payrolls data on Friday, the risk of Japanese government intervention in the market seems to be diminishing. The yen has remained basically flat since last Friday and has fallen more than 2.5% in the previous three weeks. The stop of its downward trend will reduce the expectation of official action. Analysts believe that the absolute level and the speed of decline of the yen exchange rate are crucial for intervention decisions. After falling to a new low of 161.95 yen against the dollar in 2024 on Wednesday, the yen has shown signs of stabilizing. Given this situation, the Bank of Japan may still want to wait for more signals from the US to confirm that the dollar has peaked. Fed Chairman Powell is scheduled to testify before Congress on Tuesday and Wednesday, and US CPI data for June will be released on Thursday. The possibility of intervention seems to be low before these key events, especially in the face of the market's more firm expectations of two Fed rate cuts by the end of the year.