Markets Won't Necessarily See Intervention Confirmation Until End-Month

With the USD/JPY price action raising firm suspicions of official intervention - to recall the process from last year:

• Official confirmation doesn't always follow - and we won't necessarily know for sure until the Ministry of Finance release their official intervention figures at the end of the month.
• However, when they intervened for the first time in a series of interventions last year, Japanese officials held a 'doorstep' conference to confirm their actions - however it's now after 11pm in Tokyo, meaning official confirmation could be unlikely.
• What we do know is that JPY futures volumes surged sharply on the move, with close to 20,000 contracts changing hands inside 60 seconds - that's a cash equivalent of $1.47bln.