Japanese officials don't say anything about the intervention officially, but they don't deny it either.
This largely confirms what happened yesterday after the yen rose against most major currencies strongly.
Where the $/yen pair dropped to 147.27 before quickly bouncing back and the pair now settled just above the 149.00 level on the day.
And with 10-year U.S. Treasury yields rising and approaching levels of 4.90%, making Tokyo's mission to intervene effectively is a difficult one:
And there needs to be a narrative shift from the Bank of Japan to fight Japan's wave of weakness.
Japanese Finance Minister Shunichi Suzuki in his remarks on Wednesday also stressed the importance of market-driven currency rates.
Japan's willingness to take action against excessive moves is in line with its strategy to maintain economic stability and prevent currency-related turmoil.
