机构：利差支撑日元套利交易 但日元干预风险仍然存在

Core Viewpoint - The report indicates that the borrowing costs in the U.S. remain sufficiently high compared to Japanese interest rates, providing ongoing support for the U.S. dollar [1] Group 1: Interest Rates and Currency Support - The Federal Reserve has maintained interest rates in the range of 3.50% to 3.75%, while the Bank of Japan has recently exited its zero interest rate policy, raising rates to a still low 0.75% [1] - This interest rate differential continues to support arbitrage trading strategies, where investors borrow low-yielding yen to invest in U.S. assets [1] Group 2: Market Sensitivity and Risks - Such trading strategies have become more sensitive to short-term market fluctuations [1] - Despite the favorable interest rate structure for the U.S. dollar, there remains a risk that Japan may intervene to support the yen at any time [1]