USD/JPY closed Wednesday 0.92% lower just above 158.00, the largest single-session decline since the early-August intervention, and Tokyo did not lift a finger for it. The Yen’s best session since Tokyo last spent money defending it was delivered instead by the United States Treasury, which was not aiming at the Yen and never mentioned it. The pair ended the session sitting on its 200-day Exponential Moving Average (EMA).
The Yen trades the American long end, not Tokyo
The Treasury said it would at least double the size of its liquidity support buyback operations in longer-dated bonds, taking each operation from 2 billion Dollars to at least 4…
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