USD/JPY is under upward pressure, driven primarily by a global bond selloff pushing yields higher, including a notable rise in US 10-year Treasury yields above 4.75%. This yield environment supports a stronger dollar against the yen, nudging the pair toward the psychologically critical 160 level. However, market participants should remain vigilant as Japanese authorities, prompted by recent Treasury Secretary comments, may intervene to prevent excessive yen weakness. The Bank of Japan's upcoming policy decision is expected to be a pivotal event, potentially guiding market direction and reducing the likelihood of preemptive intervention. Overall, a gradual climb higher for USD/JPY seems likely but with notable intervention risks limiting sharp moves beyond 160.