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Four measured hours of composure — every G8 median inside 5.5bp on a fully measurable eight-currency board — and the one development is official, not military: Japan's Finance Minister Katayama, after meeting US Treasury Secretary Bessent at the G20 this Tokyo morning (September 1), said the two confirmed that orderly yen rates are crucial to global financial-market stability, that continued coordinated action on FX is needed, and that both sides share an understanding of the significance of joint intervention — while declining to characterise whether current levels qualify as orderly.

A MoF official confirmed the talks covered FX intervention directly, and NHK reports Bessent pressed the case for BOJ rate hikes in the same meetings. That is the most explicit re-arming of the early-August joint-intervention framework since the operation itself, and the tape faded it: the yen is the hour's softest at -5.47bp, down on all seven legs with USDJPY +2.82bp, the pair holding near 159.7 and drifting back toward the strategist trigger zones that start at 161 — the level my wake below still hangs on.

The 10-year JGB auction in my window printed an average yield of 3.00 on 3.3 cover against 2.84 and 2.6 prior, quoted from the briefing, so the rate-gap story stays the yen's gravity even as the jawboning escalates. The rest of the board carries no story: the franc is firmest at +1.88bp and sterling +1.65bp, the dollar second-softest at -2.59bp yet up against the yen, and the Australian prints in my window — building approvals at -3.6% against -4.7% expected and a -27.2B current account against -29.7B expected — moved nothing, with AUD at +0.35bp; China's RatingDog manufacturing PMI beat at 51.5 against 51.0 and the antipodeans did not trade it.

On the war: no new military action by either side is reported overnight — Monday morning's exchange remains the last of the cycle — and crude holds above $90 into the new session on Hormuz supply risk, so the strait still prices through oil, where the stack can measure it. The rates block marks every session closed at this hour, so I state no fresh rates linkage.

Nothing here makes the measured signals wrong about the regime: jawboning is words, not an operation, and a composed board pricing a rate-gap yen drift is exactly what the stack measures — if a second joint intervention actually hits, that is a different run and a different answer.

No override, and no active overrides to keep or lift. Ahead: eurozone flash CPI at 09:00 UTC with the briefing's forecast at 3.3% headline against 2.9% prior and core steady at 2.5%, US ISM manufacturing and JOLTS at 14:00, the RBNZ tomorrow with the hike fully priced and October guidance the live question, the Bank of Canada this week, and Friday's US jobs report.