From the Bank of Japan earlier:

BOJ says it'll increase its offer to buy JGBs today

BOJ says its buying more JGBs because upward pressure on yields threatened the upper limit

Intervention in the Japanese Government Bond market has seen a bid for yen:

usdyen 30 March 2022 22

Update - USD/ JPY now more than 100pts down from its early Asia high circa 123.20


I posted yesterday on the huge repatriation flows into yen and that those doing so have been presented with windfall gains with such a weak yen. This is an important factor in providing support to the yen that we have seen in the past two days.