[MARKET UPDATE] USD/JPY moves below 157.00 on continued jawboning

Rounds of jawboning have historically bought time and slowed momentum rather than reversed trends, with yen weakness resuming once rhetoric proves not to be backed by action; the durable turning points in the pair have tended to come from shifts in the US-Japan rate differential rather than from intervention itself. The distinction that matters is between verbal and physical intervention: the former leans on positioning and option-related flows, the latter forces genuine two-way risk, and the market's reflex has been to test resolve quickly after verbal-only episodes. Proximity to levels where authorities have previously drawn lines raises the sensitivity of each further leg higher, and thinner liquidity windows have historically amplified the impact of any follow-through. Worth noting is whether rhetoric is echoed at a more senior level and whether any check of rates is reported, as those have been the tells that language is about to become action.