Yen Rally Fizzles After $34 Billion US-Japan Intervention

The joint US-Japan intervention to strengthen the yen has lost momentum after just one day. On Friday, Tokyo spent around ¥5.33 trillion ($34 billion) in support of the currency, which rose initially but is now showing signs of slowing down.

Strategists say that there's little room for further gains beyond 155 per dollar. The coordinated effort to boost the yen offers benefits, but also carries risks, according to Gearoid Reidy and Daniel Moss.