Not sure whether they were trying to send the message that they have not abandoned the dollar but the Saudi Arabian Monetary Authority seems to have accomplished that goal by buying USD/JPY aggressively from the 88.00/05 level up to 88.70 area. The move was so sharp that there was speculation that the BOJ may have intervened.
USD/JPY has reached to the 89.05 area so far. Offers lie at 89.20, traders report.
