ECB's Nagel says he welcomes coordinated intervention on the JPY; adds that he expects consultations on future intervention measures

Coordinated episodes have tended to follow a familiar sequence: verbal consultations first, then joint action when one-sided moves become disorderly, and joint intervention has historically carried more weight than solo selling because it widens the flow beyond one central bank's balance sheet. The distinction worth drawing is between smoothing operations against excessive volatility and attempts to defend a level; the former has precedent of working, the latter of failing against rate differentials. Nagel sits on the hawkish wing of the council, so his framing says little about euro policy but does indicate the subject is live among G7 finance channels. What follows matters: confirmation from other officials, any reference to disorderly moves in joint statements, and whether the underlying driver is the policy rate gap, since intervention without a narrowing differential has historically bought time rather than turned the trend.