• Despite multiple recent threats, Japan's MOF refraining from FX intervention

• Cat and mouse game with market continuing, resulting in USD/JPY inching up

• USD/JPY 161.74-79 EBS so far in Asia today, nearing 161.93 high Monday

• Offers trail up to 162.00 option barriers, defensive sales, some exporters

• Stops above seen large however and will remain at back of spec minds

• Seems JPY shorts have increased even more over the past week, market ripe?

• Intervention now would likely have good impact but BOJ help would go farther

• Demand good on dips however, Gotobi Tokyo fix today and importers eyed

• Retail and spec interest, flows too, foreigner hedging of Japan stock buys?

• Tech support from 161.68 hourly Ichimoku kijun, cloud 161.49-53 below

• Option expiries today supportive too, total $3.2 bln from 161.50 to 161.00

• Near spot between 161.70-85 $933 mln, 162.00 $782 mln, 162.50-55 $915 mln

• JGB-US Treasury 2-year rate differentials still on wide side at @177 bps

• BOJ Tamura scheduled to speak later today, more hawkish-speak?

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