© Reuters. FILE PHOTO: Examples of Japanese yen banknotes are displayed at a factory of the National Printing Bureau producing Bank of Japan notes at a media event about a new series of banknotes scheduled to be introduced in 2024, in Tokyo, Japan, November 21, 2022

LONDON (Reuters) – Japan’s threshold for currency market intervention on the yen is likely to be around 150 per dollar, investment bank JPMorgan (NYSE:)’s analysts said on Monday.

“We think that the MoF (Ministry of Finance Japan) will not intervene in the FX market at around (the) 145 level. Our threshold level of JPY buying intervention is around 150,” they said in a note.

The yen was trading at 145.87 to the dollar on Monday, having been as weak as 146.56 last week.

JPMorgan’s analysts added that the fundamental conditions in the Japanese economy had been improving since the last time the MoF intervened to lift the yen last year.

“Intervention needed is not as acute as in the September and October intervention cases,” they said.