For the second time today, the USD/JPY has seen an unusual intraday pop, this time of around 30 pips, as opposed to 60 pips the first time around, as the pair approaches trend lows at 114.30, in what appears to be yet again some BOJ-related intervention move. Earlier today, the chatter was that BOJ had been calling up some interbank dealers asking for a 'check' on rates, which would partially explain the quick rise in USD/JPY, via a withdraw of liquidity by market makers aka dealers. With the Nikkei 225 collapsing another 3.3% today, which adds to the 5.4% losses from yesterday - worst day in years -, it is hard to imagine these intraday pops having much of a net change effect in the price of the Japanese Yen, with the pattern so far, as one would expect, being a quick rebound followed by a snap back down, as the Yen buying pressure on safe-haven flows persists. Fighting the Yen trend during 'risk off' times has proven to be, over and over again, quite a pointless exercise. For more information, read our latest forex news.