Japanese authorities would probably target a 5 yen rally against USD for intervention

Bloomberg have collated analysis from some of Japan's "biggest brokerages":

• Japanese authorities would probably target a five-yen rally against the dollar if they decide to intervene in foreign exchange markets

Bloomberg is gated but that's the gist of the report. So circa 156/157 for intervention then? In the meantime we'll keep getting verbals like this from today:

• Japan finance minister Suzuki won't comment on specifics of FX intervention

Although he was more forthright on Monday:

• Japan finance minister Suzuki says rapid FX moves undesirable, recent moves speculative

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Last week JPY reached its weakest level in about 34 years against the dollar. Its fallen lower than levels that prompted authorities to enter the market in 2022 to support the yen for the first time since 1998.

If you'd like to stay a little more flexible than just setting levels where you'd expect intervention, instead taking a more dynamic approach, check this out:

• What to watch in Japanese comments for USD/JPY selling intervention getting closer