Yen Gives Back Half of Record Intervention Gains

The Japanese Yen has given back nearly half of its gains from a record intervention in July. The Dollar trades near 159.50 against the Yen on Tuesday, after a session high just short of 160.00.

This is the strongest level the pair has reached since Tokyo and Washington intervened together at the end of July. The operation drove close to 900 pips out of the rate across two sessions.

More than half of this gain has been lost in the dozen sessions since, with a slow and grinding recovery built on small bodies and narrow ranges rather than any single reversal.