 Yen is currently trading as the strongest currency for the day as the markets enter into US session. The earlier dip below 160 psychological support against Dollar spurred a wave of buying, propelling Yen sharply higher. However, subsequent trading has not shown clear follow-through momentum, indicating that the initial surge may have been more of a reactive spike. Amidst speculation about market intervention by Japan, Masato Kanda, Vice Minister for International Affairs, did not confirm any direct actions but emphasized the government's concern over "excessive and abnormal FX fluctuations driven by speculation." He just reiterated Japan's readiness to "take appropriate measures as necessary." From our perspective, the scale of today's Yen movement suggests it was more likely driven by traders locking in profits from their USD/JPY long positions after the pair hit 160 mark, rather than direct government intervention. After all, Confirmation of any official intervention will likely need to wait until the release of official data at the end of May... | 
