Amid the absence of Yen 'jawboning', there is some chatter in the market that BOJ has been calling some interbank dealers asking for a 'check' on rates, which more often than not, tends to spook market makers, allowing a quick reaction against the Japanese Yen. What occurred in USD/JPY a few moments ago was a major withdraw of liquidity before the dust settled and market makers could get to grips with the possible intentions of the BOJ. After that, the liquidity machinery was set back on, with USD/JPY volume picking up again. According to varies sources, this could be a clear early sign that BOJ official will try to slow down the current pace of Yen appreciation as long as USD/JPY continues being quoted sub 115.00. So far, the pop has had little net effect in prices, but the news of 'rate checking' alone might spook some speculators out of long Yen bets for the time being. For more information, read our latest forex news.