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Volumes Surge on Intervention Speculation, But Similar Spikes Seen in '23

JPY
  • No surprise to see a spike in volumes for JPY futures on these Japanese headlines - over 8,000 contracts traded inside 60 seconds - but worth noting we saw similar moves and volumes spikes on a handful of occasions in October last year that generated speculation of intervention (e.g. ~10k on Oct26, ~20k on Oct17), after which the BoJ confirmed that no intervention had taken place at all over that month.
  • Meeting set to start in ~5 minutes, with Kanda briefing to follow afterwards.

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