Japan's yen fight persists after rare U.S. intervention

A rare joint U.S.-Japan yen-buying intervention has raised the stakes for currency speculators, but analysts doubt it will hold without faster Bank of Japan rate hikes. The wide yield gap with the U.S. remains the main driver of yen weakness, and the BOJ has signaled a possible September hike. Treasury Secretary Bessent said the Fed could expand a dollar liquidity facility, boosting Japan's intervention capacity.