It seems the Bank of Japan didn’t want to wait around for another test of the 160.00 handle. Following yesterday’s FOMC meeting, USD/JPY plunged in a very quick manner. Initially, I was skeptical of this being intervention related for a couple of reasons. The main one being that price hadn’t yet re-tested the 160.00 handle, which is what the BoJ had defended earlier in the week. But, also of issue was timing as the plunge in the pair began to show after the conclusion of the FOMC meeting, when it was still very-early morning in Japan. Since then, the Wall Street Journal has reported that it likely was intervention ... (full story)