What's the consensus in the forum? Will the Bank of Japan intervene or do they have too many problems of there own to step into the market?

A new rumor is floating around the market that a number of central banks are going to team up to support the dollar. This would be the first time in 13 years that something of this magnitude was attempted.

If this is true, today would be the best time. We are looking at renewed problems in the financial markets, talk of a Bear Stearns cash problem (and possible collapse if they can't salvage the value of their assets), and the dollar is at record lows against the euro and swiss franc (USDCHF is at parity!!).

And with USDJPY at 100, a dollar rescue could send the pair soaring. I am still bearish, but I am not in the market until its clear a rescue won't happen and the Fed passes or there is an announced worldwide dollar bid from the CBs.