Barclays: Yen intervention is keeping USD/JPY around the baseline 160 level

With markets fully already fully pricing in an interest rate hike by the Bank of Japan at its June meeting, Shinichiro Kadota, Barclays' Head of Japan FX and Rates Strategy, expects the dollar-yen pair to "stay close to 160". He adds that he expects inflation to "hover around 2%", keeping Japan's central bank on the hiking path.