It took roughly ¥8.45 trillion, about $53 billion, in coordinated intervention from the US and Japan to drag the yen back from multi-decade weakness. The CPI print now raises the question of whether the market will do some of the heavy lifting on its own. The response was a coordinated currency intervention that underscored just how uncomfortable both governments had become with the yen’s freefall. What the CPI print changes, and what it doesn’tThe 0.1% monthly CPI increase is precisely the kind of number that gives the Fed room to consider easing. The coordinated intervention bought time.