On July 30, the yen surged sharply during trading, with the USD/JPY exchange rate briefly falling below the 160 mark, dropping more than 3% on the day to around 158.5. The market widely speculated that this move was the result of renewed intervention by Japanese authorities to curb the yen’s excessive depreciation. This rebound marked the largest single-day decline since Japan’s official intervention in the foreign exchange market in April of this year. Prior to this, the yen had been under sustained pressure, hovering near a four-decade low, and market expectations of intervention had been mounting. The Japanese government typically does not immediately confirm whether it has intervened in the foreign exchange market, and the market is awaiting official confirmation.