MUFG’s Teppei Ino reviews recent USD/JPY price action following coordinated Japan-US intervention. The pair opened near 157.58, dropped toward 155.20 on official confirmation of joint action, then recovered and traded above 158 by 7 August. "The USD/JPY gradually recovered after the initial decline and approached 158 on 4 August. "The pair was trading above 158 at the time of writing on 7 August. The dollar's decline following last week's FOMC meeting and the subsequent coordinated Japan-US intervention paused this week."