Japan Top FX Diplomat Mimura: This Is My Final Warning Before Action

Japan FinMin Katayama: We Are Nearing Timing To Take Bold Action On FX - Have Long Mentioned Possible Bold Action On FX

It's about a 100+ pips drop in around ten minutes. I wouldn't pin this as actual intervention but it might be another case of a 'rate check' being performed by Tokyo. The pair already dropped to around 159.20 from 160.50 levels earlier in the day, before a sharp drop now to test waters below the 158.00 mark. If it were actual intervention, I reckon we'd see a more sustained 300-400 pips fall rather than this sort of dip. That especially with some bounces back to around 158.40-50 again amid some pushing and pulling. As a reminder, a 'rate check' is also part of the final call in Tokyo's playbook before intervention. It was definitely the case in past incidents even if there wasn't one that followed up the previous 'rate check' earlier this year. BoJ intervening ? #JPY USDJPY testing 158 swiftly. pic.twitter.com/65aO4pwwU4 157.82 low then quick bounce back to 158.40, then back to 158. This doesn't smell like standard "hammer it" intervention Could be some yanks up early and reacting to the news Could be Katayama's whatsapps to Bessent have finally woken him up and he put in an early rate check

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