USD/JPY flows: Relatively quiet

While there has been no confirmation of intervention from Kanda, his words "We are ready 24 hours, so whether it's London, New York or Wellington, it doesn't make a difference." and price action seems to suggest they have intervened. USD/JPY is relatively quiet compared to Monday's volatility. Very unlikely the Japanese authorities would intervene again at 160 but in a short run it will be a psychological line in the sand for market participants. 

USD/JPY is slowly grinding upwards and is trading 0.3% higher at 156.78 after touching 157 figure earlier in the session.