Yesterday we had the latest in verbal intervention from the Bank of Japan:
As far as comments go, these were very wishy-washy and only had a fleeting impact. Indeed, here we are on the next big figure higher.
As I pointed out yesterday (and over and over again in past weeks and months) the BOJ * Finance Ministry (and other Japanese authorities) verbals are aimed at slowing the yen's decline, not reversing it. Policy divergence between the Fed and BOJ is a key driver of this rise and there is no sign of any change soon.
