So we’re unlikely to see official Japanese intervention anytime soon to arrest yens’ recent strength. I doubt many really saw such a scenario as realisitic at present levels anyways. Might get a bit of Kampo buy interest, but that’s about it.
Meanwhile Japanese officials have been out in force promising good fiscal discipline etc in wake of the S&P move earlier to revise outlook for Japan from stable to negative.
General risk appetite remains on the backburner, European stocks down, oil off close to a buck, gold at session low etc etc.
This is all keeping USD/JPY near its session low 89.39, presently at 89.47.