I posted earlier on the likelihood of 145 being the trigger for Bank of Japan USD/JPY intervention:

In September last year I posted a heads up on the language to watch out for:

What you want to be listening out for is more specific, and it'll go very much like this, key phrases to be aware of:

  • we do not want to see one-sided moves in FX
  • we do not want to see excessive moves in FX
  • FX movement is not reflecting fundamentals
  • we will not tolerate speculative movement
  • The Ministry of Finance will combat excessive moves

And followed up with:

there are four stages of language before an actual intervention occurs.

  • Stage 1: Excessive and disorderly movement in exchange rates is undesirable.
  • Stage 2: We will closely monitor movements in exchange rates.
  • Stage 3: We will take determined actions if necessary.
  • Stage 4. We have just carried out an intervention (on the implementation)

Add in a little more now, this summary via HSBC:

“We will look out for words like

  • ‘sense of urgency’,
  • ‘excessive’,
  • ‘one-sided’,
  • ‘ready to act’,

coming from more speakers including Kanda or even Prime Minister [Fumio] Kishida.”

Japan yen notes