USD/JPY has tumbled from 160.38 through 158, dropping to a one-month low of 156.64, down 1.3%. The move isn’t confirmed intervention, but fear of a repeat is shaping trader psychology near the 160 level, reinforced by rapidly shifting Bank of Japan tightening expectations. The selloff bears little resemblance to Japan’s confirmed intervention in late July, which drove the pair nearly vertically from 163.97 to 155.22, an 8.75-yen, 5%+ drop, with US participation. This week’s decline has been smaller and more orderly, unfolding over hours rather than minutes, setting up an asymmetric test heading into Friday’s NFP report.
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