USD/JPY has come under intense selling pressure and given away nearly 200 pips on news that the Japanese government has intervened in the forex market to stem the rapid decline in the yen.

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

Earlier in the day, Kand warned that they “will respond appropriately to fx moves without ruling out any options.”

In response to the big move by Japan, USD/JPY is in a free fall and has broken several critical support, as yen bulls are being rescued finally. The pair hit the highest level in 24 years at 145.90 before the Japanese authorities deemed it necessary to step in in order to save the local currency.