After Historic Intervention, 155 Emerges as Yen's Next Big Test

Japan's historic joint intervention with the US is shifting market focus to whether the yen can strengthen beyond 155 per dollar, a threshold strategists view as a key test for the rally's staying power. The level carries significance far beyond standard technicals. Japan's April and May interventions briefly dragged dollar-yen toward 155 before it resumed climbing, reinforcing views that official action merely buys time. Now, investors are weighing whether a clean break below it signals a structural shift. Steve Englander, Global Head: G10 FX Research at Standard Chartered, discusses the move to intervene and what it means for global currencies.