Japanic: Yen Suddenly Spikes Stoking Intervention Speculation

Having collapsed to its weakest relative to the dollar in 40 years, it appears the Ministry of Finance and Bank of Japan has had enough and intervened.

Having tagged 164/USD, the Japanese currency suddenly exploded stronger (below 160/USD, which was the prior level of intervention)...

The scale of the move is commensurate with the last large intervention in April.

Obviously, there is no confirmation, yet, but the timing, coming after the Fed and after Japan markets have closed, would certainly fit what we know about the MoF’s tactics, and that’s why there’s renewed speculation over official action. 

Developing...