The policy decisions of the BOJ and the Fed could support a stronger yen. These concerns have prompted stronger coordination between the US and Japan to curb yen depreciation, he added. This could add pressure on the currency and challenge both sides’ willingness to support a stronger yen. A substantial number of speculative short positions on the yen had accumulated in financial markets ahead of the intervention. If fears grow that another joint US-Japan effort is imminent, these positions might be forced to cover, pushing the yen even higher, Kinoshita said.