How do you interpret a sudden price spike?
A spike has a story: a data release, a headline, a central banker speaking, a fat-finger order, or intervention. The spike itself tells you nothing about which one it was — and the correct response depends entirely on the cause.
What's your spike routine?
- how you find out what caused it
- whether you trade the spike or wait
- the spike that taught you the most
The intervention guide covers one class of spikes, and the calendar explains most of the others.
Background: Currency intervention explained: how and why governments step in
When a currency moves too far, too fast, authorities can buy or sell it directly. How intervention works, Japan's record operations and what it means for traders.
What is currency intervention?
When a government or central bank buys or sells its own currency in the foreign exchange market to influence its value.
How much has Japan spent on yen intervention?
About ¥9.2 trillion in September and October 2022, ¥9.79 trillion in April–May 2024 and a record ¥11.73 trillion between 28 April and 27 May 2026, according to Ministry of Finance data. Japan also intervened jointly with the US on 31 July 2026.
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