Comments on the rapid yen depreciation today from Japan chief cabinet secretary Matsuno: • Important for fx to move stably reflecting econ fundamentals. • No comment on every day-to-day fx moves. • Closely watching fx moves closely. • Desirable for forex to move in stable manner. • No change in stance that we will take appropriate action. This is weak sauce from Japan. Here's what to watch for that'll signal real intervention: • The 4 phrases from Japanese officials to listen for signaling imminent yen intervention. (full story)