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Japan Intervened In FX Market To Buy Yen

Zero Rss
3 months 1 week ago
Japan Intervened In FX Market To Buy Yen

With Brent surging to a new post war high overnight, rising as high as $125 on fear of an imminent resumption of hostilities in Iran, which dragged yields higher, and also pushed the USDJPY above 160 for the first time since late March, overnight Japan made clear - again - it wouldn't take it any more, with the usual round of jawboning.

  • *KATAYAMA: WE ARE MONITORING FX MARKET WHILE YOU ARE ON HOLIDAY
  • *KATAYAMA: WE ARE NEARING TIMING TO TAKE BOLD ACTION ON FX

Then

  • *MIMURA: WE ARE NEARING TIME TO TAKE BOLD ACTION ON FX
  • *MIMURA: THIS IS MY FINAL WARNING BEFORE ACTION

Then

  • *JAPAN PM TAKAICHI HOLDS PHONE TALKS WITH IRAN PRESIDENT: KYODO
  • JAPAN PM TAKAICHI: I HAVE WORKED TO ENSURE PASSAGE OF JAPANESE-RELATED VESSEL THROUGH STRAIT OF HORMUZ" RTRS

And while the market had grown used to constant jawboning by Japanese officials, this time Japan finally put its money where its mouth was, and with the USDJPY extending gains after all this verbal diarrhea, at precisely 4am ET, or just as Japan was closing (as we head into a long weekend, with most of Asia off tomorrow and Japan kicking off with golden week starting Monday to Wednesday 6th May), the USDJPY tumbled sharply, and then continued to slide for the next 4 hours, plunging as much as 500 pips to a session low of 155.57.

The move which strengthened the yen by the most since 2023...

... immediately prompted speculation of intervention by Japan's authorities, especially since in recent weeks Japan had been jawboning not only against the yen but also oil prices, which mysteriously also tumbled from a multi year high.

There were early signs that Japan was indeed involved, with some 57BN in USDJPY volumes this morning, far above normal average. Note, previous intervention volumes in 2022 and 2024, EBS volumes had gotten up to around 70BN (for 29apr24 and 21oct22). On Friday 23 January 2026 on US rate check day – EBS volumes got to around 50BN.

And while normally we would have to wait days if not weeks for confirmation that the BOJ was in the market, today mercifully we got confirmation early on when the Nikkei reported that the Japanese Finance Ministry and the Bank of Japan carried out exchange rate intervention to buy yen and sell dollars on Thursday. A government official confirmed to Nikkei fact of intervention in an interview with the Nikkei.

"The government and the Bank of Japan intervened again, buying yen, causing the yen to surge against the dollar to the 155 yen target", the Nikkei reported.

There was no immediate comment on whether the BOJ was also intervening in oil, but it would not be surprising if they did (although it would be a first).

The problem for Japan, and the reason why the MOF/BOJ had held out for this long before intervening, is that by doing so they have once again blown their load, so to speak, and now the USDJPY has a clear path to rise even higher - our target is now 170 and potentially much higher since the BOJ so stubbornly refuses to raise rates, which means that either the yen or JGBs will have to be the buffer for Japan's surging inflation. 

Tyler Durden Thu, 04/30/2026 - 10:02
Tyler Durden

In Major Victory For Gun Owners, ATF Unleashes 34-Rule Reform Package - Brace Rule Dead

Zero Rss
3 months 1 week ago
In Major Victory For Gun Owners, ATF Unleashes 34-Rule Reform Package - Brace Rule Dead

In what can only be described as one of the biggest single-day victories for the Second Amendment in decades, the DOJ and Bureau of Alcohol, Tobacco, Firearms and Explosives dropped a bombshell yesterday: a landmark package of 34 regulatory actions designed to slash red tape, repeal overreaches, modernize outdated rules, and refocus the agency on actual criminals instead of law-abiding Americans.

The announcement, made by Acting Attorney General Todd Blanche and newly confirmed ATF Director Robert Cekada, marks the culmination of the "New Era of Reform" launched in 2025 under President Trump's Executive Order 14206, "Protecting Second Amendment Rights." Officials described it as the most comprehensive overhaul of ATF regulations in the agency's history.

"This Department of Justice is ending the weaponization of federal authority against law-abiding gun owners," Blanche declared. Cekada added that the reforms ensure regulations are "clear, legally sound, and narrowly tailored," with enforcement now zeroed in on "willful violators and criminal actors, not inadvertent compliance issues by responsible owners and licensees."

"The Second Amendment is not a second-class right." 

The Big Wins That Matter Most to Gun Owners

The package is broken into clear categories that read like a 2nd Amendment wish list (how did we fall so far?):

Repeals & Rollbacks (The Headlines)

  • 11P: The hated 2023 Stabilizing Brace (Pistol Brace) Rule is officially being rescinded. Multiple courts had already blocked it - now it's being formally buried.
  • 27P: The 2024 "Engaged in the Business" rule - the one that tried to turn occasional private sellers and gun-show participants into federal licensees - is being rescinded/revised.
  • The 2024 machine gun definition tweak following the Supreme Court's Garland v. Cargill decision is finalized.
  • The Youth Handgun Safety Act notification requirement for FFLs is on the chopping block.

Modernization

  • 01P & 07P: A modernized Form 4473 and authorization for full electronic recordkeeping by FFLs. Whether 01P will prevent future admins from enacting another "zero tolerance" rule is the question.
  • 08P: Defined retention periods for transaction records (public comment invited on the exact length). After the period expires, those forms can finally be destroyed - a direct blow to any notion of a permanent "billion-record registry."

Real Burden Reduction for NFA Owners & FFLs

  • 03P: Streamlined interstate transport for NFA items. If you're traveling for less than 365 days, you file the form but no longer have to wait for ATF approval. For basically forever if you wanted to take a SBR/SBS or Machinegun outside of your state of residence you had to file a 5320.20 form and get permission from ATF to take the thing out of state. Now, if you're gone for less than 365 days you can just file the form, and you don't need to wait for approval once the rule takes effect. great for people who live in states like maryland and want to shoot at a range in VA or PA. 
  • 13P & 15P: Joint spousal registration of NFA firearms and elimination of the CLEO notification requirement.
  • 18P: Updated FOPA travel protections to clearly cover reasonable stops (hotels, gas, food) during lawful interstate transport.
  • 19P: Updated rules for dealer machine gun sales samples (direction still being finalized).

Clarifications & Import Relief

  • Training/simunition rounds are clarified as not "ammunition" under the GCA - making them easier to acquire and use.
  • 04F: Major update to the Proscribed Countries List under the Arms Export Control Act. This lifts the long-standing de facto ban on importing firearms from most former Soviet-bloc countries (Russia remains restricted), finally allowing collectors and importers to legally bring in quality Eastern European and historical firearms again.
  • Dozens of technical clean-ups on dual-use barrels, NFA serialization during conversions, straw-purchase language, "willfully" definitions, and more - all aimed at reducing ambiguity and litigation.

In total: 26 NPRMs (open for 90-day public comment), 6 Final Rules, 1 Direct Final Rule, and 1 Interim Final Rule.

The changes untangle years of ATF rules seemingly written to create confusion and trap honest people. Zero-tolerance enforcement hammered FFLs over minor paperwork errors. The brace rule turned millions of legal pistols into potential felonies overnight. The engaged-in-the-business rule threatened to criminalize private sales. Recordkeeping felt like it was building a de facto national registry.

This package doesn't repeal the NFA or abolish the ATF - but it does the next best thing: it starts rolling back the worst abuses, modernizes the system for the 21st century, and tells agents to go after gang members and traffickers instead of grandma's 4473 typo.

FFLs get lower compliance costs. NFA owners get practical relief on travel and registration. Importers get more options. Everyone gets clearer rules and the promise that old records won't live forever.

How We Got Here

This didn't happen in a vacuum. While the official rollout highlighted partnership with industry groups like the National Shooting Sports Foundation (which was on hand at the signing) and the Second Amendment Foundation (whose Executive Director attended and praised the effort), the groundwork was laid by years of relentless pushback from the broader gun rights community.

Gun Owners of America played an especially important indirect role. Through aggressive litigation - most notably as a lead plaintiff in the Texas v. ATF case - GOA helped deliver a crushing legal defeat to the engaged-in-the-business rule. Just 13 days before yesterday's announcement, the DOJ formally surrendered its appeal in that case, clearing the path for the rescission now included in the package. GOA's long-standing demands for defined record retention, an end to gotcha enforcement, brace rule repeal, and NFA simplifications aligned closely with many of the reforms now being implemented.

In other words: the courtroom victories created the political space for these regulatory changes.

Meanwhile, the National Firearm Industry Trade Association (NSSF) hailed the landmark rulemaking package as a massive win - calling it "the result of months of NSSF working closely with the ATF and DOJ to identify and fix punitive regulations published during the Biden administration, when the ATF was used as a political weapon to force policies intended to hobble the firearm industry and infringe on Second Amendment rights."

And the Second Amendment Foundation (SAF) said in a statement "For far too long, ATF rules were a creeping fog of regulatory malarky, seemingly intended to create confusion for the gun community and chill the exercise of their rights. Today’s announcement shows that the current administration intends to help clear that fog. We are hopeful this new batch of rules does just that."

Many of the biggest items are still NPRMs, so the 90-day public comment period is critical. Interested parties can reach out to Regulations.gov with support for the strongest possible versions - especially on record retention lengths and the machine gun sample rule.

Tyler Durden Thu, 04/30/2026 - 10:00
Tyler Durden

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