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<p>I posted on this last week, referencing a post from back in June when intervention talk was all the rage also:</p><ul><li><a href="https://www.forexlive.com/centralbank/heres-what-to-watch-for-to-warn-of-imminent-bank-of-japan-boj-yen-intervention-20220907/" target="_blank" data-article-link="true">Here's what to watch for to warn of imminent Bank of Japan (BOJ) yen intervention</a></li></ul><p>Via eFX, Citi with similar:</p><p>"Based on our rough understanding from past FX-interventions by the MoF, there are four stages of language before an actual intervention occurs.</p><ul><li> Stage 1: Excessive and disorderly movement in exchange rates is undesirable. </li><li>Stage 2: We will closely monitor movements in exchange rates. </li><li>Stage 3: We will take determined actions if necessary. </li><li>Stage 4. We have just carried out an intervention (on the implementation)," Citi notes.</li></ul><p> "Finance Minister Suzuki's expression regarding "necessary action" this Wednesday is half a step forward from the June statement, but we do not think it represents a transition to the stage three. In other words, we think that Japanese authorities are still at the stage two," Citi adds. </p><p class="western" align="left">
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</p><p>---</p><p>USD/JPY lower from option-related selling ahead of 145 mid-week and also on more determined jawboning from the MoF and Bank of Japan Governor Kuroda on Friday:</p>

                This article was written by Eamonn Sheridan at forexlive.com.