USD/JPY hourly chart
Now, this is starting to look a bit more forceful. The 150-pip decline earlier still had some semblance of the move that we saw on Friday last week. But now, the drop in USD/JPY is starting to look more forceful and convincing. If anything, we might have finally hit the nerve and Tokyo are responding in due kind. USD/JPY now down to 156.85 as I update the post.
The question now is how long can Tokyo keep this up for as they look to draw a hard line on the yen fall? The big problem for Japanese officials is that they don't have the fundamental narrative on their side.
