Today's Major Market Move: Japanese Yen Weakens Over 4% vs the USD in Today's Session

The BOJ is at it again. They kicked off the week by intervening in the currency markets in yet another attempt to prevent the Yen from strengthening further (headlines courtesy of zerohedge):

• AZUMI SAYS JAPAN INTERVENED IN THE CURRENCY MARKET
• AZUMI: JAPAN WILL CONTINUE TO INTERVENE UNTIL HE'S SATISFIED
• AZUMI SAYS INTERVENTION WAS DUE TO STRONG SIGNS OF SPECULATION

The last time the BOJ intervened was on Aug 3 and that lasted all of a week before the USDJPY was trading below the pre-intervention price.

Click here to go to a live version of the chart.

It's interesting to note that they pushed it right back up to just over 79, the same level as the Aug 3 intervention. Another thing I noticed was that previous interventions typically occurred when the Japanese equity market was in the midst of a significant decline. But in this case the Nikkei 225 has rallied 6% in October. Here's a chart of the Nikkei 225 vs the USDJPY over the past Year:

Click here to go to a live version of the chart.