Yen Gives Back Half of Intervention Gains, 155 in Focus

The Japanese yen has surrendered roughly half of the gains it made after an unprecedented joint U.S.-Japan intervention less than two weeks ago, erasing much of the rally that followed the historic move. Attention now turns to whether the currency can strengthen past 155 per dollar, a level strategists view as a key test of the yen's recovery.

The 155 mark carries significance beyond standard chart analysis. Japan's interventions in April and May briefly pulled dollar-yen toward 155 before the pair resumed climbing, reinforcing the view that official action only buys time. Investors are now weighing whether a clean break below that threshold would signal a structural shift in the currency's trend.

Steve Englander, global head of G10 FX research at Standard Chartered, discussed the intervention and its implications for global currencies.