• Yen rallies sharply as markets raise bets on Bank of Japan rate hikes

• Beware EBS volume on Thursday much less than intervention fueled falls earlier in 2026

• “Unusual” GPIF meeting which discussed asset allocation could help with yen demand

• USD/JPY has dropped from 158.96 to 156.17, on Thursday, on the EBS

• A recent "bull trap" could see USD/JPY slump to the August 155.20 low

• EUR/JPY slump puts the September seasonal trend at risk

EBS Intervention Volumes Chart


Daily Chart


Daily Chart


Volume Chart

(Martin Miller is a Reuters market analyst. The views expressed are his own)