Goldman Sachs comments on USD/JPY massive sell-off today.

"USDJPY falls sharply from this Asia afternoon as we head into a long weekend, with most of Asia off  tomorrow. 

Note Japan kicks off with golden week starting Monday to Wednesday 6th May. USDJPY last 156.70 (-2.5% from day's high of 160.72)," GS notes.

"USDJPY market volumes data - now around 57bio on the day, well above normal average Note, previous intervention volumes in 2022 and 2024, EBS volumes had gotten up to around 70 bio (for 29apr24 and 21oct22) Friday 23 January 2026 on US rate check day - EBS volumes got to around 50bio," GS adds.