- Cannot disclose what was discussed
- But we will take appropriate action if needed
- There are various options in mind
That’s a more stern footing by Japanese officials but I would argue that it is all still part of their verbal intervention playbook. The overall remarks are still more or less the same as when we saw USD/JPY broke above 120 and that shows the lack of alternatives in their toolkit. Any serious intervention in the market is still a bit of a reach if you ask me.