The yen suddenly jumped against the dollar on Thursday, prompting traders to
brace for possible Japanese intervention to support the currency. It is unclear
what triggered the move or whether authorities entered the market. The amplitude
of the move appeared smaller than in prior post-intervention episodes. Sumitomo
Mitsui chief FX strategist Hirofumi Suzuki said it remains uncertain this was
intervention, but reports suggest authorities may have shifted tactics to avoid
advance signaling, which could make further yen weakness harder.
