USD/JPY jumped sharply, prompting debate that Japan may again intervene in the
FX market. The move lacked an obvious news or macro catalyst and has shown no
clear follow‑through. The 160 level is being cited as a new "red line" that U.S.
Treasury Secretary Bessent and the Bank of Japan would defend. Some traders view
the spike as stop‑loss hunting, though such flows could still be driven by
"authorities."