Yen Holds Gains After Rare Coordinated Intervention

The yen has eased slightly but still holds gains from last week's coordinated intervention by Tokyo and Washington.

Last Friday, Japan confirmed that it had intervened in the currency market with the U.S. in a rare move to boost the yen.

The joint action appears to be signaling to the market not to short the yen, according to Axel Merk, chief investment officer at Merk Investments.

The yen was last down 0.25% at 157.56 per dollar but remains well above its 40-year low of 163.99 touched in July.