Woofun AI reports that Francesco Pesole, an analyst at ING Group, indicated Japanese authorities likely intervened in the yen exchange rate on Thursday. He noted the dollar-yen pair declined early, preceding weak US non-farm payroll data that pushed the rate below 161.00, suggesting this initial drop may have been driven by foreign exchange intervention.

Pesole stated that although the yen has rebounded, the risk of additional intervention persists, particularly on Friday when liquidity tightens due to the US holiday. He observed that Japan typically conducts interventions around holidays across multiple days and that acting after adverse events impact the dollar aligns with the country's 2024 strategy.