Market comments on short-term changes in the US dollar/yen: Japanese officials may have been conducting exchange rate checks

On June 24th, according to the analysis of Informa Global Markets, the USD/JPY fell by about 100 points in a few minutes, hitting a new low of 158.82 for the day, before rebounding and retracting the loss of about 50% in an instant. Before this, the head of foreign exchange at the Japanese Ministry of Finance, Makoto Kanda, warned that Japan is ready to intervene at any time; Finance Minister Shunichi Suzuki said that if necessary, he will take appropriate measures against excessive foreign exchange fluctuations. The speed of the USD/JPY decline suggests that they may be at least conducting some exchange rate checks. The speed of the rebound also suggests that the market is not panicking at the moment, and the decline of the USD/JPY is still very shallow.