Big Tokyo bank had huge 80.80 bid

The BOJ may be drawing its line in the sand in the 80.80/81.00 area. Traders say one of the big Tokyo City banks was a huge 80.80 bid on the recent dip. The BOJ is probably out-sourcing some of the intervention to local banks.

The Fed used to do that years ago…We called it “stealth intervention” at the time. The would leave a bank an order, sit on the direct line and get fills until they couldn’t take it any more…