VOLATILITY ALERT🚨US dollar-yen (USDJPY) returns near to the intervention level. The US dollar-yen is drifting back toward pre-intervention levels, with earlier intervention having failed to reverse the broader trend of dollar strength. Prolonged Middle East peace negotiations continue to pressure the yen, as uncertainty around energy supply keeps Japan's import-cost risks elevated. Japan's April National CPI hovered near a four-year low of 1.4% YoY, with core-core CPI easing to 1.9% YoY, below the BoJ's 2% target, adding uncertainty to June rate-hike expectations. Meanwhile, US inflation rises across broad-based sectors amid elevated energy prices, reinforcing 'higher for longer' concerns and bolstering the dollar against a weakening yen. An early peace deal resuming energy supply could support the yen and drag the pair back from intervention territory.