Talk of massive USD/JPY interest at 15:00 GMT fixing

USD/JPY is soaring and the dollar is rallying in general on talk of a multi-billion dollar buy order in USD/JPY at 15:00 GMT.

If you are the bank with the order, it is in your interest to drive the market up ahead of the fix to fix the price at a high rate so you don’t get caught filling the customer at a price that you can’t get in the market.