Japan Intervenes in Forex Market, US Inflation Data Released, Oil Prices Tumble

1. The Japanese government and the Bank of Japan confirmed intervention in the foreign exchange market to support the yen, causing the currency to sharply strengthen against the dollar.
2. Key US economic data was released, showing the Core PCE Price Index inflation met expectations at 3.2% year-over-year, but Q1 GDP growth was slower than forecast at 2.0%.
3. WTI and Brent crude oil prices plunged after the US announced plans to release strategic petroleum reserves and consider boosting domestic production amidst tensions over the blockade of Iranian exports.