The coordinated intervention by Japan and the United States to support the yen has bumped up hard against reality, the $70 billion or so committed to strengthening the currency all but ineffective as fiscal questions continue to hang over the market.
“It’s still just intervention,” said Tsuyoshi Ueno, executive research fellow at NLI Research Institute. “It doesn’t really change economic fundamentals.
“The market knows that, which is why the yen is now sliding back again after the initial gain.”
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