The dollar is firmer against the yen. Intervention risk remains a gap risk: the rate can jump without a tight stop on an equity ticket catching it.
USD/JPY is a policy pair. Size belongs in an FX mandate with its own agreement, not beside an equity order. Majors come first when the book opens.
The note describes the tape. It does not name an entry or a target rate.
What the desk is watching
- Dollar firmer against the yen
- Intervention is a gap risk
- Its own FX mandate, not the equity ticket