If this was the extent in which Japanese officials are going to push back against markets after the Fed and BOJ policy decisions, it's not much of an obstruction really for USD/JPY to start chasing the next leg higher.

The pair has been poking and proding at the key level for two weeks now and we're perhaps finally going to see a breakthrough today. The 1998 highs around 146.79 to 147.67 will be the next key resistance point but really, it could end up being a quick dash towards 150.00 in all honesty.

As things stand, the way that Japanese officials are looking at the yen currency is that it isn't so much so about the destination, it is the journey that matters. In other words, they are fine with the yen weakening further but the pace of the decline is what matters most to them at this stage.

I mean they're also definitely realistic. What good is intervention going to do when you're still the only major central bank stuck in a time warp of easy policy while the rest of the world are hiking interest rates aggressively to counteract inflation. The whole point of intervention is to send a strong message, not to use it as a tool to run against market fundamentals - at least not to this extent.