USD/JPY 5-minute chart
USD/JPY sees a bit of a quick dip to just under 151.50 now as this sudden meeting is called. It will take place in a little over 10 minutes from now with Japan top currency diplomat Kanda to brief the media after. That is a quick change of thinking after his earlier comments here.
Typically, one can expect Kanda to reaffirm the same kind of verbal intervention that we have been getting all day. And I wouldn’t expect that to be different this time around. If anything else, they should just reiterate that all options are on the table in a bit of a warning that they could step in to intervene. But they won’t announce that outright or make that explicit by any means.
As for the timing of such a move, just be careful of the Easter break that is coming up. Thinner liquidity conditions might open up for such an invitation for Japanese authorities.