[Citi: If the U.S. dollar against the yen rises to around 160, the Japanese government may intervene in the currency market] On September 28, Citigroup stated that if the yen continues to weaken and the U.S. dollar against the yen rises to around 160, the Japanese Ministry of Finance may intervene in the foreign exchange market by buying yen and may try to push the exchange rate back to around 150. Citi pointed out that the Japanese authorities had conducted exchange rate inquiries after the Bank of Japan meeting. At that time, the yen exchange rate was stronger than during the previous actual intervention, indicating that the government's tolerance for yen depreciation may have decreased. The agency also believes that the cabinet reshuffle of the Gao City Government is basically in line with expectations. Next, the market will pay attention to whether the government announces that Japan has emerged from deflation; Citigroup does not expect to make this statement immediately in the short term. The key lies in whether the wording on deflation in the Cabinet Office's monthly economic report changes. If the government gradually downplays its current stance on reflation, the previous increase in Japanese interest rates may instead provide support for the yen.