The BOJ just stepped in hard.
Japan confirms: yen-buying intervention LIVE.
USD/JPY crashes -3.21% in minutes.
Not a warning.
Not a test.
A wrecking ball.
Here's why this matters beyond FX👇
Markets were leaning hard on a weak yen.
Carry trades. Emerging market bets. Crypto leverage.
That trade just blew up.
When Japan intervenes, global liquidity gets squeezed.
Everything correlated to the dollar gets repriced—fast.
Gold?
Watches.
Bitcoin?
Feels it.
Emerging markets?
Usually next domino.
This isn't a one-off.
They're sending a message:
"We will destroy the position."
Sharpest drop in years.
Volatility spiking into the close.
Don't watch USD/JPY from afar.
Watch what breaks next.