BoJ accounts show there was no large-scale yen intervention on Wednesday

Episodes of this kind follow a familiar sequence, with sharp intraday yen moves prompting rate-check and jawbone speculation first, and the account data confirming or denying it a day or two later; interventions confirmed by the accounts have historically been rare and clustered around periods of one-way depreciation pressure near levels officials have flagged. The distinction worth drawing is between verbal intervention, which Tokyo uses freely, and actual market operations, which have tended to be reserved for disorderly moves rather than level defence, so an account showing no activity leaves the question of where the genuine tripwire sits open. Worth watching is whether the yen's prior move reverses without official backing, since moves sustained absent intervention have tended to reflect rate differential drivers rather than speculative overshoot, and whether MOF rhetoric escalates in response. As a negative confirmation, the signal is about what did not happen, which narrows the explanation for price action to positioning and fundamentals.