USD/JPY Weakens Without Intervention Support

The Japanese Yen weakened significantly after data from Japan's Ministry of Finance confirmed that no foreign exchange intervention was conducted between August 27 and September 28. This came as a surprise, given the record $98.7 billion coordinated US-Japan operation in July.

The lack of support for the Yen has led to its continued decline against the US Dollar, with the USD/JPY pair closing flat at 157.41 after reversing intraday losses. Elevated US yields and firm Dollar conditions are also contributing to the pressure on the Japanese currency.