According to Jinshi, Mizuho senior economist Colin Asher said that the weak US CPI has led to increasing speculation that the US will cut interest rates. USD/JPY is the most tightly-positioned currency pair among the G10 currency pairs, and today's big move is most likely short-covering. Today's USD/JPY volatility is undoubtedly a big move, and the intraday volatility is the largest since the intervention in early May.