Japanese authorities have intervened and defended the yen, stopping a potential capitulation by USDJPY to 150. As a result, selling into the market began near the 145.75 level, pushing the price down to 140.64. This action comes after BoJ’s Kuroda reiterated to continue monetary easing, initially sparking a selloff in the yen. Given this, it will be unsurprising if the Japanese Finance Ministry regularly influence price levels over the medium term. This involvement suggests a potential range between 140-145.