The intervention marked the first time the US and Japan swooped in to buy the yen since 1998. After the intervention, hedge funds dialed back their bets on further yen declines, according to Commodity Futures Trading Commission data through Aug. 4. Eurizon said that it expects the yen to eventually rally toward 125 to the US dollar, though it didn't give a specific time frame. "In our view, the most important message to take from the joint intervention is that both the US and Japan are determined to see USD/JPY lower." Most Read from Bloomberg Businessweek©2026 Bloomberg L.P.