FxWirePro: Japanese authorities intervene to stem rapid yen decline, USD/JPY shows sharp correction

Chart - Courtesy Trading View 

USD/JPY was trading at 145.843 before news of Japan's intervention in the forex markets.

The pair plunged over 500 pips to 140.66 before recovering slightly.

Masato Kanda, Japan's top currency diplomat confirmed over the last minutes that they have intervened in the FX market.

Japanese government has intervened to buy the yen for the first time since 1998.

Earlier in the day Bank of Japan (BoJ) kept its policy settings unchanged, maintaining its ultra-loose dovish bias. 

The pair hovers around 21-EMA support. break below will see more weakness. Major trend still remains bullish.