USD/JPY continues to fall in what’s almost-assuredly intervention from the Japanese ministry of finance.
The last time they intervened, they took USD/JPY from a high of 145.90 down to a low of 140.34. That was 556 pips. So far today, the high to low range is 151.94 to 148.00, or 394 pips. The same size pip move would be 146.38 this time.
Notably though, the bottom was quick last time and it was back to 144.78 in three days.
What Japan needs if it wants a top in the pair is for US Treasury yields to stop rising. Timiraos is helping with that today. There’s some talk in the market that the Fed was increasingly uncomfortable about rising yields, so made the leak to the WSJ.