Yen Holds Gains Despite Easing Slightly After Coordinated Intervention

The Japanese yen has eased in value but still holds gains from last week's rare coordinated intervention by Tokyo and Washington. The currency had surged as much as 5 percent over the past three trading sessions after Japan confirmed the joint action with the US.

According to Axel Merk, chief investment officer at Merk Investments, the joint action signals to the market not to short the yen. This means that investors are advised against betting on a further decline in the currency's value.

The yen was last trading down 0.25 percent at 157.56 per dollar after hitting a three-month high of 155.20 but remains well above its 40-year low of 163.99 touched in July.