State Street Global Advisors senior fixed income strategist Masahiko Loo stated that the probability of a joint US-Japan intervention in the exchange rate has significantly increased, mentioning Friday's interest rate check report. "Historically, Treasury interest rate checks are a precursor to action," he said. "If there is no actual follow-up action, it will fuel speculative pressure, as the market will test the authorities' determination by further depressing the yen," Loo said. "Setting aside timing, the market's 'bottom line' is very clear: 162, the level at the last intervention," he added.