USDJPY Resilience Means More Intervention Likely

Japan’s Ministry of Finance confirmed overnight that Japan and the U.S. conducted coordinated yen-buying intervention, while also signaling that it would not hesitate to take further coordinated action if needed (just as we suggested yesterday in this must-read backgrounder).

But, after 'much larger than normal' actions, one witty FX trader summed up the situation well this morning, after watching each intervention-driven spike get faded, "they're gonna need a bigger boat".