The Japanese central bank is stepping in hard to try and defend its implicit yield cap for the second time this year. Before today, the last time the BOJ intervened was back on 10 February.
The issue with intervening too often here is that it loses its perceived "effectiveness". It sort of draws untoward attention to the current situation with the yen and that could cause the currency to weaken further.
Also, considering the surge in bond yields globally, it will be a tough ask for the BOJ to keep defending the 0.25% level so we'll see.
