The yen has given up nearly half its gains following the historic joint intervention by the US and Japan, with investors saying the lack of a “unified voice” among central banks lessened its market impact.
The currency bounced from a four-decade low around ¥164 to the dollar in late July to close to ¥155 following interventions by Tokyo and Washington, but has since fallen back. The yen weakened by 0.6 per cent to ¥158.79 on Monday.
Traders in futures and options markets continue to hold bearish bets on the Japanese currency, although they have reined in the size of their positions since the intervention, according to the latest data from the US Commodity Futures Trading Commission.
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