4 min
Yen under pressure: intervention is no longer enough to mask the shift in trend
The yen finds itself at the centre of a foreign exchange market that has become particularly asymmetrical. After reaching 163.86 against the dollar in July, the USD/JPY triggered a coordinated intervention by the Japanese and US authorities. At the same time, the yield on the 2-year JGB exceeded 1.60 per cent, a level not seen for several decades.
