$100 Billion Intervention: Yen Rebounds Briefly, Falls Back Below 158

The nearly $100 billion intervention by the US and Japan in the foreign exchange market has so far yielded only a week's reprieve, as the yen continues to depreciate against the dollar.

Despite the joint effort, which saw the yen briefly strengthen to 155.23 on Monday before dipping back down to around 158.45 by Friday morning, nearly half of the gains driven by the intervention have already been erased.

Zhitong Finance APP reported that as global foreign exchange traders wrap up trading for the week, market participants are speculating that Japanese authorities may intervene again, given the yen's continued weakness.

Moh Siong Sim, a strategist at OCBC Bank, stated that 'especially as USD/JPY once again approaches the critical 160 level, the likelihood of another intervention is very high.'