Goto stated that with USD/JPY at 160, the risk of currency intervention by Japanese authorities is "nearly imminent already," and they would not necessarily need to wait for 161 or 162. The yen's weakness is elevating import costs and economic pressures for Japan. Authorities have been jawboning and see a need for bold action. The pair is at a critical level where direct FX intervention is a high-probability near-term event, which would likely cause a sharp but potentially short-lived reversal in the yen's weakness. The U.S. opposes intervention, or the MOF decides to hold fire in hopes of a Fed policy shift.