If you weren’t looking at your chart today, I would not blame you for missing this event from earlier.
If you weren’t looking at your chart today, I would not blame you for missing this event from earlier. USD/JPY saw a quick dump from 157.20 to 155.69 in less than ten minutes as it appears to be another potential intervention play by Tokyo officials.
The move seems consistent with the action that we’ve been seeing on Thursday and Friday at least. So far, there’s only reports likely confirming that there was intervention on Thursday. A supposed $35 billion was spent in doing so, which would be the most since April 2024.
But as we are still awaiting official confirmation, working with spot data flows from the BOJ is the best one can do at the moment. Japanese markets were closed today and that led to thinner liquidity conditions. Typically, that is not always the best time to go about doing intervention business.