You haven't seen a chart like this in a while.... Yen intervention underway, pushing the USD/JPY up 3.5% +.
The Forex madness continues....
UPDATE: 1AM EST
The first picture was at around 10pm October 30th, 2011, where the USD/JPY was trading at 78.512.
At 1am October 31st, 2011 USD/JPY is standing at 79.199. The strange part is that the price action has just went dead for the past couple of hours.
Zerohedge speculated that we have see the next currency peg we have seen recently (SNB with the EURCHF being the first). From the Article: Please Welcome The Latest Currency Peg
"For the last 45 minutes, USDJPY has been unable to shake loose of 79.2 by more than a pip or two. Following the SNB and their efforts with EURCHF, which as far as we recall is technically pegged at 1.20, is Azumi now pushing another of our freely floating foreign exchange currencies to a peg, as he soaks up any and all USDJPY offers under 79.20?"
From the Bloomberg Article : Yen Drops on Intervention; Aussie Weakens
"The yen sank 4.5 percent to 79.20 per dollar as of 1:25 p.m. in Tokyo after climbing to a record 75.35 earlier today. The Australian dollar dropped 1.6 percent. The dollar-denominated MSCI Asia Pacific Index slid 2.8 percent and Standard & Poor’s 500 Index futures lost 0.7 percent. Copper sank as much as 3.7 percent in London, gold dropped 1.4 percent, and oil retreated 0.8 percent in New York"
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