USD/JPY: Recovery stalls at 128.50 after BOJ intervenes again

USD/JPY is fading a spike to 128.48 highs after the Bank of Japan (BOJ) intervened in the bond market to defend the yield cap at 0.25% for another day.

The BOJ offered to buy unlimited 10-year Japanese government bonds (JGBs) at 0.25%, conducting consecutive unlimited fixed-rate purchases for the second day in a row.

At the time of writing, USD/JPY is trading at 128.28, up 0.32% on the day.

more to come ...