The yen is approaching the 160 intervention red line. Japanese Finance Minister Katayama Satsuki has received tacit approval from the United States to take bold actions, and the probability of substantial intervention has increased. The Bank of Japan's expectation to raise interest rates in April has plummeted to less than 20%, but raising interest rates to 1% before the end of June is still the mainstream consensus. The conflict in the Middle East has created a double-edged sword effect. Pay attention to the two key nodes of the interest rate decision on April 28 and the June meeting.