Summary

• The Ministry of Finance (MoF) intervened on April 30 and May 1, 2026, after the USD/JPY pair breached the critical 160.00 level.
• The aggressive yen-buying action, estimated to be over $30 billion, triggered a sharp 2.2% rally in the yen, driving the pair down toward the 156.00 range.
• Historical precedent from the 2024 intervention suggests unilateral action is only temporary, serving to "buy time" rather than reversing the trend without fundamental economic shifts.
• The immediate outlook calls for heightened volatility and sideways consolidation, with key levels to watch being 157.89–158.00 (resistance) and 156.27 (support).

By Zain Vawda

The USD/JPY pair has undergone a violent shift in sentiment over the last 48 hours. After flirting with the psychological 160.00 handle, the pair was met with what appears to be aggressive yen-buying intervention (or

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