Once again this looks very much like intervention from the Bank of Japan.

They've chosen right after the US close to hit it this time. I wonder if they are aware that this makes them look very weak indeed.

Sure, you get good bang for your buck at this time of day. But its unseemly for one of the world's major central banks to be so focused on saving the pennies.

For those unfamiliar with the forex market, the only place open right now is New Zealand. There are a few stragglers in the US but the bulk of liquidity has dried up. It plummets once the UK markets shut for the day (that was hours ago) but once the US is finished fuggedaboudit until Tokyo comes in. Sure, NZ and then Australia are active, but these are tiny centres in the scheme of things. Yeah, the robots are still at it, but without interbank liquidity its super-thin right now.

usdyen boj intervention 02 May 2024 jpy 2