Bob Elliott argues that Japan's $50+ billion yen intervention had only a temporary effect, as the currency has largely reversed its gains due to rising global yields. He uses this as evidence that fundamentals overpower intervention in major developed-world currency markets, making such efforts mostly futile.
•Japan spent over $50 billion defending the yen, but the impact has already faded.
•The reversal is driven by rising global yields, not intervention dynamics.
•Intervention in large, developed-world currency markets rarely has lasting effects.