The coordinated intervention by Japan and the United States to support the yen has bumped up hard against reality, the $70 billion or so committed to strengthening the currency all but ineffective as fiscal questions continue to hang over the market.
¡°It¡¯s still just intervention,¡± said Tsuyoshi Ueno, executive research fellow at NLI Research Institute. ¡°It doesn¡¯t really change economic fundamentals.
¡°The market knows that, which is why the yen is now sliding back again after the initial gain.¡±
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