Japan and the U.S. executed a massive coordinated yen-buying intervention on July 31, aiming to push USD/JPY below 155. The operation likely surpassed ¥10 trillion ($65 billion) over three trading days, the largest such effort since 2011. Analysts subsequently lowered their year-end USD/JPY forecast to 149 from 152, but skepticism remains about lasting impact.

Behind the Data:...