Japanese Chief Cabinet Secretary Hirokazu Matsuno crossed wires, via Reuters, during early Monday while showing readiness to take appropriate action against excessive forex moves.

Alike other Japanese policymakers, Matsuno also turned down the request to confirm Tokyo’s early-Monday intervention while stating, “No comment on fx intervention.”

Japan’s Matsuno also mentioned that they’re closely watching fx moves with high sense of urgency.

USD/JPY grinds higher

USD/JPY steadies around 149.00, after a roller-coaster start to the week, which initially dragged the quote to a two-week low before fueling it to 149.70. It should be noted that the alleged Japanese intervention is the key for the pair bears.

Also read: USD/JPY recovers majority of losses as risk appetite improves further, BOJ policy buzz