• Trilateral meeting (BoJ, MoF and FSA) raises speculation over intervention

• USD/JPY falls to daily lows of 151.15 in response

• A meeting between the BoJ, MoF and FSA last took place May 30th 2023

• However, no intervention followed

• Thus, while USD/JPY drifted lower initially, the uptrend soon resumed

• Recall, seasonals favour USD/JPY upside into Japanese FY end nL2N3FR136

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