Takafumi Onodera, head of sales and trading business at Mitsubishi UFJ Trust Bank, said that it makes sense for the Japanese authorities to intervene in a quiet holiday market environment because the trend of USD/JPY can become more obvious.
He said that the yen trend seems to be interfering, but for official confirmation, the market will have to wait for the data release at the end of May
Note: Onodera made the above statement during the New York trading session on Monday. During the overnight trading session in the Asian market, the yen soared against the US dollar after hitting its lowest level in 34 years, triggering speculation that the Japanese government would intervene