[Moody's Analysis: Too Early to Conclude Japanese Authorities Have Intervened Again] Golden Finance reported on May 6 that the Japanese yen has experienced significant fluctuations multiple times in recent days, reigniting market speculation about intervention by Japanese authorities in the foreign exchange market. However, Stefan Angrick from Moody's Analytics stated that it is still too early to determine the cause. He noted that compared to last week, recent exchange rate fluctuations have been less severe overall. 'As for last week's situation, we can be fairly confident that foreign exchange intervention occurred,' he said. He added that changes in market positioning could also have contributed to these fluctuations, but if the Japanese government did intervene, the scale of its operations might have been smaller and more targeted. Spreading intervention actions over several days could allow Japanese authorities to describe these operations as part of a single effort aimed at curbing disorderly trading. This explanation might be beneficial for Japanese authorities, as in principle, large economies with floating exchange rate systems should not intervene in foreign exchange markets. (Dongxin News Agency)