#美联储恢复降息进程 Ultimately, it all depends on how the Bank of Japan acts. Last time when the USD/JPY spiked to 150, it was due to sudden intervention from Japan, right? Now that the Fed has restarted interest rate cuts, the market has to pay attention to the Bank of Japan's stance. The exchange rate is something that, sometimes, is really not solely determined by the Fed; the game among several central banks is the key. The 150 level seems quite sensitive now, and once it approaches, Japan will probably take action again.