Japan has moved from talking about the weak yen to actively defending it over the past week.

The key event was a coordinated U.S.-Japan FX intervention around July 30 to August 3. Key word being coordinated.

Japanese authorities bought yen in size, while the U.S. Treasury also participated. This isnt a hostile defense. This is planned and well managed.

We've likely seen Yen lows, with more gradual appreciation now likely in coming months.

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