Standard Chartered analysts reported on May 13 that suspected foreign exchange interventions by Japan have shifted the yen from being 'slightly undervalued' to 'slightly overvalued.' According to Jin10, the analysts noted that the market-reported cumulative intervention of approximately $65 billion has appreciated the yen by about 1% to 2%. They believe this action is more likely aimed at preventing further yen depreciation rather than deliberately strengthening the yen. The analysts indicated that Japanese authorities appear to have redefined their 'defense line' at the high 150 to 160 range for the USD/JPY exchange rate. The report suggests that further intervention may still be necessary to curb negative market sentiment towards the yen. Meanwhile, market expectations for a rate hike by the Bank of Japan have been lowered.