USD/JPY flows: More jawboning before 160

Japan FM Katayama said foreign exchange fluctuations were being driven in part by speculative activity. Another round of verbal intervention as USD/JPY quickly approaches 160 overnight after FOMC. Not much from their end for it is a USD story. I doubt we will be seeing intervention at current level but actual intervention will likely occur if the current pace of rally keep up.

USD/JPY is trading 0.05% lower at 159.72.