On May 1, around 14:45 Beijing time, the US dollar against the yen plunged by 130-150 points, falling back to near yesterday's low of 155.55, before rebounding slightly. Analyst Justin Low commented on the fluctuations in the yen's exchange rate, stating, "This makes sense. Essentially, the second round of action should be more effective, as those speculators who were trapped will now step aside. However, the fact that Japan feels it necessary to take a second round of action means they are likely willing to push prices below that level at all costs. The main question now is how long the Japanese Ministry of Finance can maintain this stance. Of course, they have ample reserves to draw upon. However, depleting these reserves just to prove a point to the market seems somewhat wasteful. As previously mentioned, every fundamental factor currently works against the yen, and policymakers are certainly aware of this. This is a moment of desperation, especially considering that the US-Iran conflict is still ongoing and the Strait of Hormuz remains closed.