The BOJ conducted a rate check to inquire about foreign exchange market movements ahead of the holiday, and the possibility that it was preparing for intervention was reported in the market. From late night on the 18th into the early hours of the 19th, the yen temporarily rebounded by about ¥1, from the upper ¥157 range to the upper ¥156 range. This has heightened concerns about intervention by the government and BOJ.
It was reported that the BOJ conducted a rate check to inquire about foreign exchange market levels ahead of the holiday. This is believed to have been aimed at curbing speculative yen selling and is regarded as the preparatory stage for foreign exchange intervention.
Concerns about foreign exchange intervention by Japanese authorities have spread in overseas markets. The article says the BOJ's rate check is viewed as part of preparations for intervention.
On the 18th, the BOJ was reportedly said to have decided to raise interest rates at its Monetary Policy Meeting, but the decision was not unanimous because of opposition from Policy Board members. It has been suggested that this led to yen selling and dollar buying.
The yen was reported to have traded in the lower ¥157 range in the London market on the morning of the 21st. Market concerns about further developments remain.