According to Jinshi, the dollar fell as much as 2.5% against the yen on Thursday, the biggest one-day drop since the end of 2022, when the Bank of Japan shocked the market with an unexpected adjustment to its monetary policy plan. Geoff Yu, senior macro strategist at Mellon Bank, said that as the Federal Reserve's interest rate cut in September has been digested, the difference in US and Japanese interest rates is clearly converging. The data also showed that yen shorts are the strongest in nearly three years and are quite extreme, so there is no resistance to the yen's upward movement.