Japan's top FX diplomat Mimura affirms always in contact with US authorities and continues to be ready on FX, adds there's no change in fighting stance on FX

Historically the sequence has been predictable: repeated verbal warnings, then checks with dealers, then actual intervention, with each step historically buying less time than the last if the underlying rate gap keeps widening. The operative distinction is between smoothing disorderly moves and defending a level; the former has US tolerance and precedent, the latter tends to fade once speculative positioning rebuilds. Mention of coordination with US authorities matters because past episodes show intervention gains more traction when it aligns with the direction of US yields rather than fighting them. The tells worth noting are any shift in wording toward excessive or speculative moves, proximity to prior intervention zones, and whether rhetoric intensifies around thin liquidity periods. As verbal intervention rather than action, the signal is intent, not a floor.