ICYMI, check out the rundown and links in these:

Remarks from UBS on JPY:

  • "It looks like intervention but it looks like less intervention than in the two episodes in 2022 because the market is super thin today, in Japan time especially"

(It was a holiday in Japan on Monday)

  • "It is quite likely that they will continue to intervene"
  • the MoF/BoJ will vary the amounts they sold in intervention
  • they'll also mix up the times of day they'll intervene
  • flows in USD/JPY were higher by a factor of five compared to average daily volumes
  • unless the Bank of Japan shifts policy USD/JPY is likely to head higher still
  • intervention is not likely to have a lasting impact

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What a day!

usdyen intervention Monday 29 April 2024 2