PBOC fixing signals discomfort with yuan's pace of gains
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USD/JPY climbs past 155.00 as the 'house' finds itself powerless
USD/JPY rose 134 pips, briefly exceeding 155.00, as intervention-related short-covering unwound and yen shorts cleared, with the Treasury Secretary's "house"…
14/09/2026 14:224 min read
US Treasury Secretary Scott Bessent challenged the market to bet against him, claiming he possessed asymmetric information and that he was now the "house" in the game.
Yet his influence only extends over the US portion of the equation, and even there, his grip on the long end is weak. While fiscal policy has been reckless for years, the military dimension poses a larger concern. President Trump is now urging Ukraine to refrain from striking Russian oil refineries, while Iran-aligned factions have tightened their hold on Middle Eastern crude supplies and forced US installations in the region to shut down.
Given this backdrop, the "house" finds itself largely unable to curb market volatility.
On Monday, USD/JPY advanced 134 pips and briefly traded above 155.00, as the pullback from the latest intervention effort and short-covering faded. Fresh positioning figures also indicate that yen short positions have mostly been unwound, leaving little room for additional squeezes.
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