• BoJ suspected of stepping into FX markets twice in one week.
• Market estimates suggest BoJ interventions have cost ¥9 trillion.
• Yen markets set for a quiet end to the week with Japan exchanges on holiday.

GBP/JPY has flattened back into recent lows after a second possible intervention on the Yen’s behalf from the Bank of Japan (BoJ). The pair is back down to the 192.00 handle after tumbling over 4% over two days from a 34-year peak of 200.60.

The back half of the first trading week of May sees Japanese markets largely dark for a slew of bank holidays, and markets are reeling after two possible BoJ “Yenterventions” this week, with market research suggesting the Japanese central bank spent around nine trillion Yen to support the battered Japanese Yen (JPY). BoJ market operations came in 5.5 trillion Yen above market expectations on May 1, with an additional 3.5 trillion Yen in excess BoJ financing operations expenses on May 2. No official statements are forthcoming from Japanese officials.

Pound Sterling (GBP) traders will be looking ahead to next week’s upcoming Bank of England (BoE) rate call, slated for Thursday. UK quarterly Gross Domestic Product (GDP) is also due next Friday, and there is little data of note on the Japanese economic calendar