Earlier we had this from the Ministry of Finance:

Japan finance minister Suzuki speaking on excess FX volatility

As I have pointed out many times, its the MoF that orders intervention in FX markets. The Bank of Japan then conducts such actions. The comments from Suzuki today are in response to the yen's furtehr rapid decline so far this week. We've heard such comments out of Japan many times in recent weeks and months when the yen drops sharply.

Now we are getting similar comments from the secretary-general of Japan's ruling, LDP, party. Motegi says

  • We must be vigilant of sudden movements in the stock and forex markets.

USD/JPY has been relatively subdued so far for the session (it dipped - i.e. yen rose - on Suzuki's remarks but rising US yields are making it hard to hold USD/JPY down):

usdyen 12 April 2022