ICYMI, check out the rundown and links in these:
- ForexLive European FX news wrap: Japan steps in to support the yen currency
- Forexlive Americas FX news wrap: USD/JPY drops again
Remarks from UBS on JPY:
- "It looks like intervention but it looks like less intervention than in the two episodes in 2022 because the market is super thin today, in Japan time especially"
(It was a holiday in Japan on Monday)
- "It is quite likely that they will continue to intervene"
- the MoF/BoJ will vary the amounts they sold in intervention
- they'll also mix up the times of day they'll intervene
- flows in USD/JPY were higher by a factor of five compared to average daily volumes
- unless the Bank of Japan shifts policy USD/JPY is likely to head higher still
- intervention is not likely to have a lasting impact
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What a day!
