Japan Did Not Intervene in FX Market Sept 29–Oct 28, Finance Ministry Says

The absence of intervention over a full month is itself the signal: Japanese authorities were content to let the yen move without stepping in, which suggests the recent price action stayed within whatever tolerance they have. For currency and crypto traders who watch the yen as a global risk proxy, this removes one source of official distortion from the period and makes the market's own positioning easier to read. Whether that restraint holds if the yen extends its move is the open question, and the next disclosure window is where it would show up.