The Japanese yen falls below a 39-year low, with the Finance Minister connecting with the U.S. late at night, fueling expectations of intervention. The recent flash crash in USD/JPY is intriguing.

CryptoWorld News reports that, according to multiple Japanese media outlets including JNN and Kyodo News, as the yen approaches its lowest level in 39 years, Japanese Finance Minister Kōzuki Katayama held an online meeting with U.S. Treasury officials on the evening of the 22nd local time. Sources say she may have exchanged views with U.S. Treasury Secretary Bessent, discussing trends in the foreign exchange market and the possibility of foreign-exchange intervention. Earlier, the USD/JPY exchange rate saw a sharp drop during intraday trading, triggering speculation in the market that Japanese authorities had stepped in.