Yen's Gains Fizzle Out as Markets Question Intervention Effectiveness

The Japanese yen has regained some of its lost ground after the recent US-Japan currency intervention, but it's still trading below pre-intervention levels. The yen was at around 164 per dollar last month before jumping to 155 after the joint action, only to fall back down to 159.

Investors are skeptical about the long-term effectiveness of the intervention and whether more measures will be needed to stabilize the yen. A Russell Investments strategist told the FT that it 'going to take more' to create a sustained upswing in the yen's value.

Pioneer Investments is predicting that Bank of Japan hikes interest rates, with investors now pegging the probability at 50%.