This morning’s hotter-than-expected JOLTS print initially sparked a hawkish response across markets, pressing the USD higher against its fiat peers.

The JPY slipped back above 150/USD on the move (its weakest since Oct 2022).

But then, out of nowhere, someone bought JPY with both hands and feet and smashed USDJPY 3 handles stronger…

Did we just see the Ministry of Finance intervene?