Nomura Research discusses the scope of the last round of Japan's MoF JPY intervention.

"The MOF appears to have conducted around USD30bn of foreign exchange intervention between 1 and 6 May. USD/JPY remained flat around the 156 mark, as caution over potential Japanese currency intervention has kept its gains capped. Ongoing geopolitical developments, such as US-Iran communications, have also kept the market in wait-and-see mode," Nomura notes.

"Recent data indicate the Japanese Ministry of Finance conducted around USD62bn of FX intervention between 30 April and 6 May, with ample reserves remaining for further action if needed.  Forthcoming high-level meetings between US and Japanese officials, along with statements from top currency official Mimura rejecting limits on intervention frequency are supporting JPY," Nomura adds.