The yen surged against the dollar on Thursday in a rapid and large move that suggested Japanese intervention. Dollar/yen fell to 157.8 before trading near 158.61, down 2.5% on the day, and the yen also gained against the euro, sterling and Australian dollar.
Sharp yen moves reflect intervention risk and shift dollar-based commodity purchasing power for Japanese buyers. The effect on feed pricing is indirect and mostly through currency translation.
Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.