For the first time, the Ministry of Finance of Japan publicly quoted the IMF framework to clarify the rules for foreign exchange market intervention. The 160 mark has become an insurmountable hard line of defense, and the scale of short-term intervention is approximately US$34.5 billion. The yen is supported in the short term by expectations of intervention and an interest rate hike in June, and is likely to fluctuate in the 155-160 range; however, the core contradiction between the U.S.-Japan interest rate differential and high energy import costs in the medium and long term has not been reversed, and it is difficult to change the trend depreciation pressure by simple intervention.