On July 6, as the USD/JPY pair returned to around 162, there was a noticeable divergence in the market regarding the future trajectory of the yen. Tatsuo Yamasaki, a former Deputy Vice Minister for International Affairs at Japan's Ministry of Finance, stated that the current yen exchange rate has significantly deviated from a reasonable level, suggesting that a rate of around 130 yen per dollar is more aligned with fundamentals, and he would not be surprised if the yen rises to that level. Meanwhile, some market participants hold opposing views. Jesper Koll, Executive Director at Monex Group, and Calvin Yeoh, an analyst at Blue Edge Advisors, believe that if the Bank of Japan continues to lag in normalizing its monetary policy, the USD/JPY could even rise to 200 or higher. Yamasaki also warned that the recent lack of intervention by the Japanese government in the currency market should not be interpreted as a lack of willingness to act. He noted that the Japanese finance ministry has issued multiple warnings and has demonstrated its readiness to intervene, indicating that yen shorts still face the risk of being forced to cover. Market participants expect that the Japanese government may still intervene in the exchange rate around mid-July.