• Believes BOJ must be considering whether there are ways to ease monetary policy further.

The headline comment will be helping allay fears of BOJ intervention, seemingly reinforcing earlier comments that it’s only worth Japanese authorities intervening if it were to be part of concerted intervention.

USD/JPY has slipped back to 86.40 at writing.

Probably a good time to mention that there is talk of good month-end yen demand lined up for todays fixings, especially 16:00 GMT fixing.