Japan PM Kishida: We cannot tolerate excessive FX moves based on speculation

• Government will take appropriate action against excessive FX volatility

There is little doubt that they stepped into the market late last week and also earlier today in Asia Pacific trading. That said, don’t expect them to confirm nor deny such intervention considering how ineffective it has been made to look. The low for USD/JPY hit 145.48 earlier but the pair is now trading back up to near 149.00 currently.