PANews reported on January 23 that Justin Low, an analyst at Investinglive, stated that the yen had previously experienced a sharp jump. This price fluctuation shares similarities with the Japanese Ministry of Finance's "currency test," resembling situations seen in 2024 and 2022. The last "currency test" occurred in mid-July 2024, just before Japanese authorities intervened to buy yen; the one before that was on September 14, 2022, a week before actual intervention. The purpose of a "currency test" is to give the market some warning time before actual intervention. Therefore, we already have a general expectation of the yen's movement; the only question is when the intervention will take place. The analyst stated that, in his personal opinion, this does not appear to be a true intervention, as any substantial action by Japan would have a broader and stronger impact. Therefore, this is merely a "currency test," and we should see some official sources providing further clarification in the next few hours.