SOMETHING BIG IS HAPPENING IN JAPAN.
USD/JPY hit 163.24 today, the yen's weakest level since December 1986.
Then it reversed hard, crashing back down to 162.66 within a few hours.
That kind of sudden, sharp reversal right at a headline four-decade low is exactly what Japan's Ministry of Finance intervention has looked like before, in 2022 and again in 2024.
Tokyo doesn't usually announce these moves in advance.
It waits, lets short sellers pile in near a key level, then steps in hard enough to force a painful reversal.
No official confirmation has come from the Ministry of Finance or the Bank of Japan yet.
Intervention data typically isn't published until weeks later.