Much 'to do' about yen intervention

The yen strengthened in recent days as both the U.S. and Japanese governments confirmed a joint intervention to support the currency. This first intervention since 2011 took place despite a recent earthquake in Japan and the potential for a Federal Reserve rate rise. The Bank of Japan sold nearly $60 billion to bolster the yen, while the U.S. allocated between $5 billion and $10 billion to the effort.

The intervention aims to prevent further decline from its 40-year lows, potentially impacting U.S. bond yields and affecting markets worldwide.