Verbal Intervention Bought 135 Pips. Tokyo Has Already Given Back 89 of Them.
Dollar-yen fell 135 pips to 156.51 on a finance ministry official's yen-weakness remark, and by the Tokyo open it had taken 89 of them back in the thinnest hours of the day.
The morning note explaining the rebound with rising crude is contradicted by the same session's oil tape, so we publish no oil level. The RBA at 04:30 is the session's only scheduled risk and it is not in your pair.