Analysis of Bank of Japan account data and FX broker estimates indicates Japan
likely intervened in the FX market on Thursday to support the yen, with the
operation sized at roughly ¥8.45 trillion (about $52.8bn). During the New York
session the yen rose as much as 3.3% vs the dollar, the largest intraday gain
since December 2023. Market sources said U.S. authorities carried out a "rate
check" around 2:30 a.m. Tokyo time.