On July 7, data from the CFTC revealed that as of the week ending June 30, hedge funds had raised their net short positions on the yen in the futures and options markets to nearly 138,000 contracts, marking the most pessimistic level since 2007. The yen simultaneously fell to its lowest point since 1986, dropping below 162 yen to the dollar, raising market expectations for potential intervention by Japanese authorities in the currency market. Japan's Finance Minister reiterated that authorities could take foreign exchange intervention measures at any time, following a record-scale intervention to support the yen from late April to May. The market believes that the widening interest rate differential between the U.S. and Japan remains the main factor pressuring the yen, even though the Bank of Japan's recent interest rate hike has not reversed the weakness.