Analyst: The sudden surge in the Japanese yen may just be a "test" and "warning" by the Japanese authorities Financial website Investinglive analyst Justin Low stated that the Japanese yen had previously experienced a significant surge. This price fluctuation has similar characteristics to the "exchange rate test" conducted by the Japanese Ministry of Finance, similar to the situations we saw in 2024 and 2022. The last "exchange rate test" was in mid July 2024, just before the Japanese authorities bought yen; The last time was on September 14, 2022, and that was one week before the actual intervention action occurred. The purpose of the 'exchange rate test' is to give the market some warning time before they actually take intervention measures. Therefore, we have a rough expectation for the trend of the Japanese yen, the only question is when the intervention action will be launched. The analyst stated that in his personal opinion, this does not appear to be a true intervention action, as if the Japanese side takes substantive action, its impact will be more extensive and strong. So, this is just an 'exchange rate test', and in the next few hours, we should see some official sources providing relevant explanations on this.