• USD/JPY +0.25% in Asia after closing 2.3% lower Thu on Japanese intervention

• Pair had dropped 3.25% from a 160.725 high to 155.50 on stop loss selling

• Japan's first official currency action in nearly 2 yrs effective, well-timed

• Complacent investors had amassed largest short yen position since July 2024

• Japan retail yen shorts were largest vs crosses since 2020, were vulnerable

• Japan's top FX diplomat says speculative moves seen in markets

• Core inflation in Tokyo stays below BOJ target for third month

• Japan's factory activity growth hits 4-year high on stockpiling, PMI shows

• Holidays in Asia affect liquidity; only Japan, Australia, NZ open Friday

• Japanese markets closed Mon-Wed for Golden Week; Asia range 156.57-157.305
JPY:

(Krishna Kumar is a Reuters market analyst. The views expressed are his own.)