The Japanese yen is sitting in a holding pattern against G-10 currencies, and the entire financial world is watching one man’s mouth. Bank of Japan Governor Kazuo Ueda is scheduled to speak at the Kisaragi-kai Meeting on June 3, and his remarks could determine whether the yen’s quiet consolidation turns into something much louder.

A $74 billion intervention that barely moved the needle

Japanese authorities have not been sitting on their hands. Between April 28 and May 27, they intervened in foreign exchange markets to the tune of a record 11.73 trillion yen, roughly $74 billion.

The result? The yen stabilized near the 159-160 range against the US dollar.

The BOJ held its policy rate at 0.75% in late April, a…