If the BOJ really did buy $20 billion USD/JPY during the London and NY sessions then you would have to think that the results (a 250 pip rise) are rather disappointing. Not that they are likely to give up but other central banks like the BoE and the SNB have learned to their cost how expensive FX intervention can be.
The offers around 86.50 are being described as heavy but the amounts these days are getting so big I’m not exactly sure whether heavy means $1 billion or $10 billion.
