The USD/JPY pair witnessed a dramatic intraday turnaround and tumbled over 570 pips from levels beyond the 160.00 mark, or the highest since October 1986 touched earlier this Monday. Although an official announcement has been made so far, the possibility of an intervention by Japanese authorities to support the domestic currency was cited as a key factor behind the sharp downfall. In fact, Japan’s top currency diplomat Masato Kanda refrained from making any comments