[MARKET UPDATE] Immediate downside seen in USD/JPY moving from 157.20 to 156.00 in under 2 minutes; Japanese markets are closed from May 3rd-6th; some have suggested this could be a good time for intervention, given muted activity and volumes

The rapid decline in USD/JPY from 157.20 to 156.00 suggests significant market volatility, potentially tied to heightened speculation around intervention given the Japanese markets being closed. With trading volumes likely muted during this period, the aggressive move could indicate that traders are positioning for, or reacting to, potential central bank action to stabilize the yen.