USD/JPY slides on verbal intervention, risk-off mood – ING
FXStreetNov 4, 2025 9:28 AM
USD/JPY drops sharply as renewed verbal intervention from Japan’s finance minister and weaker global equities spark safe-haven demand and short-covering in Japanese Yen (JPY), ING's FX analyst Francesco Pesole notes.
Equity selloff and short covering boost JPY
"This morning, we are seeing a sizeable drop in USD/JPY. That is likely being driven by more verbal FX intervention from the Japanese finance minister and a drop in global equity futures. It is a signal that the yen remains a go-to currency for safe-haven demand (which has been lackluster of late), but also that the extensive short positioning on JPY can fuel rapid rallies."
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