Yen's Intervention Gains Fading Fast: Another Support Measure Eyed

The yen's gains since Japan and the US intervened in its currency markets are quickly fading. After a joint operation last week, the Japanese currency had reached as high as 155.23 against the dollar, but it has since retreated to around 158.40. Traders are now wondering if another intervention will be necessary to prop up the yen.

The yen's decline had been severe before the intervention, hitting a four-decade low of around 164 per dollar last week. The joint operation with the US was the first since 1998, and it seems to have provided some temporary relief for the currency.