‼️Japan's Ministry of Finance appears to be intervening in currency markets repeatedly:



The Japanese yen surged +1.8% in under 30 minutes during Asian trading on Wednesday, briefly touching 155.04 per US Dollar, the latest in a series of sharp moves consistent with official intervention.

This comes after Japan's first intervention since 2024 on April 30, when Bank of Japan account analysis indicated authorities spent ~$34.5 billion to defend the yen.

Meanwhile, Goldman Sachs estimates Japan still has enough reserves to intervene ~30 more times at this scale.

The 157 level is emerging as the new line in the sand for Japanese authorities, with the Ministry of Finance warning speculators last week that "the timing for taking bold steps is nearing."

Japan is desperate to prevent the Yen from weakening past 160 per US Dollar.

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