Yen Weakens Back into 159 After U.S.-Japan Intervention
The value of the yen, which had surged to the 155 range per dollar due to joint foreign exchange market intervention by the United States and Japan, has fallen back to the 159 range in just five trading days, giving up more than half of its gains. Despite a plunge of over 70% in yen short positions
The yen has weakened back into the 159 range after a U.S.-Japan intervention, losing over half of its gains from the joint effort. Despite a 70% plunge in yen short positions by speculators, the exchange rate trend appears difficult to reverse without further intervention. Analysts suggest that without changes in fundamentals like US-Japan interest rate differentials or fiscal policy, the impact of foreign exchange market intervention may not be long-lasting.
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