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The yen's +13.04bp median across all seven legs is Ueda picking up where Bessent left off: in remarks published Wednesday from the Asheville G20, the BOJ governor told reporters that rate hikes are on the table at every meeting including September 17-18, and that with underlying inflation approaching 2% the bank needs to "pay greater attention than before to upside risks" in its policy conduct — a risk-management framing coverage uniformly reads as hinting at a hike this month, delivered with overnight index swaps already pricing a September move near fully and no pushback from him against that pricing.

That is the governor himself validating what Bessent's "information that the market doesn't have" campaign built on Monday, and Tokyo bought yen on every leg through the session, including 10.05bp against the dollar. The shape of the legs compounds the story: NZDJPY at 23.46bp and AUDJPY at 17.0bp are the largest because the antipodean side is still being sold on its own events — the kiwi's -10.71bp median this hour is attributed by the calendar to Breman's 03:00 press conference, and the aussie's -4.03bp extends the sell-the-fact unwind past its GDP beat — so the biggest yen crosses are yen-bid plus antipodean-offered, not a yen story alone.

Closing my last entry's open question on the presser: first-impressions coverage has a majority of the committee seeing upside inflation risks but reads the RBNZ as more likely to hold in October with the next hike seen in December — the gradualist framing that sold the kiwi on the decision held through the press conference.

On the intervention watch: no MoF operation is reported, the only fresh official language is an MoF official confirming the Katayama-Bessent talks covered FX intervention and fiscal policy, and the strategist trigger zones from 161 stand — that wake is restated below. My rates block carries no JPY future — the currency is absent from it, so I state no intraday JGB linkage — and its EUR and US legs are frozen with every session closed, so no cross-market spreads; dated Monday, coverage had Japanese benchmark borrowing costs at three-decade highs on the same Bessent remarks, so the rates market has been moving with this story, not against it.

On the war: no new military action is confirmed in current reporting since Tuesday's CENTCOM strike wave, with Trump warning Iran will be "hit again at a much harder and higher level" if it retaliates — the risk still prices through crude, where the stack measures it. None of this touches the regime: a central bank governor signaling a probable hike at a scheduled meeting, through ordinary communication, is precisely what the measured signals reprice on their own, and no official actor has acted in any G8 currency market.

No override, and no active overrides to keep or lift. Next: ADP at 12:15 UTC, the Bank of Canada at 13:45 with Macklem's press conference at 14:30, and Friday's US jobs report.