• News of Japan-US joint intervention sends USD/JPY to 157.00 early Asia today

• Some rebound since to 157.87 EBS but upside seen capped for now at 158.00

• Another round of sales noted after rebound, to fresh 156.00 low

• News of joint intervention still being digested, ramifications large

• Reports Japan spent close to $60 bln, the US maybe $5-10 bln

• Joint FX intervention Friday first since 2011 after the Fukushima earthquake

• Talk in market of Japan FX intervention too in EUR/JPY

• USD/JPY now below ascending 200-DMA at 157.97, to help cap market now

• Still ascending daily Ichimoku cloud above between 158.49-160.70

• In option expiries, some on 156, 157, $1.1 bln up at 158.60 strike today

• JGB-US rate differentials saw some narrowing, 2s to 271, 10s to 184 bps

• With BOJ also likely to hike this fall, the yen may have bottomed for now

• Japanese importers will continue to buy large but sales to dominate?

• Exporters more likely to sell large, foreign Japan stock buy hedges off too?

• Related comments , , ,

• And , , also

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• On Japan-US action , , ,

• And , for more click on [FXBUZ]

USD/JPY:

(Haruya Ida is a Reuters market analyst. The views expressed are his own)