The BOJ is meeting on Thursday and Friday of this week and reports out of Japan suggest that an intention to intervene may be forthcoming from this. Any sharp moves below 76.00 are also expected to attract immediate action from Japanese authorities. It looks like their strategy is starting to emerge and they are getting serious about USD/JPY trading at levels near 75JPY.
EconMin Yosano is obviously out of the loop, as he says that he’s heard nothing of any intervention plans.
FinMin Noda is back on the newswires, saying that he’s watching Forex moves closely, especially carefully today!
