In this article JPY= Follow your favorite stocks CREATE FREE ACCOUNTOne week after the joint U.S.-Japan intervention to support the country's embattled yen , an initial rally appears to be waning as the currency drifts lower. Stock Chart Icon Stock chart icon How the yen has performed against the dollar since the day before the joint intervention. Robert Sockin, chief U.S. economist at PGIM, is "not convinced" the strategy will work, writing in a note published Wednesday. "Yes, the intervention is no doubt squeezing out short yen positions in the short term, but I'm skeptical that it will work in reversing the JPY weakness trend by itself…and it may backfire spectacularly," he wrote. The coordinated intervention is a rare U.S. effort to support another major currency and underscored Washington's concern that prolonged yen weakness could fuel inflation in Japan, pressure other Asian currencies and destabilize global markets.