USD/JPY 5 mins chart
Kanda may deny that the meeting today was meant to serve as a verbal intervention against yen weakening but we have seen countless times in the past that it is certainly part of the agenda. With USD/JPY having threatened to run away earlier today, it was definitely a timely reminder by Japanese officials.
In any case, as mentioned during the announcement in the hours before, this isn’t one where Japan will draw a hard line on the yen yet. In fact, we’re probably quite far from it – at least according to my ‘guesstimations’.
USD/JPY has moved back higher as buyers are fading the earlier dip, in a push to 140.60 levels now. As long as price holds above 140.00, they will stay poised to continue with the breakout move towards 142.00 next.