Traderguy, good for you for not trading based on wishful thinking.
The drop in usd/jpy could've been anticipated earlier as there were lack of signs of spike during the whole week. It was far different compared to the previous weeks when market seemed to be 'jumpy' whenever the pair dropped.
Perhaps BoJ held their bullets waiting for clear resolution in G7 meeting during weekend. And it appears that the other G7 nations succeeded in pressurising Japan to hold their intervention bullets.
Technically speaking, the breach of 115.03 previous support was pretty devastating for the pair.
Ellhow,
I still could not understand how come the money flow OUT of Japan instead of INTO Japan? Nikkei's rally towards 11000 last week surely required a huge amount of yen, while September book-closing also caused yen repatriation from US and Europe.
Additional inflows might have came from speculation over brightening prospect of Japan's economy. While still too early to say that Japan is finally out of the gloom, it still a reason to bet on it.
Or is it?
