The decline of the yen deepens, and half of the gains from the historic US-Japan intervention have almost disappeared.

The decline of the yen has expanded, with half of the gains triggered by the historic joint intervention by the U.S. and Japan being surrendered. The currency fell as much as 0.8% against the dollar on Monday, reaching 159.06, the lowest among the G10 countries. After the yen dropped to around 164 against the dollara nearly 40-year lowthe U.S. and Japan launched their first joint buying action for the yen since 1998 earlier this month. This intervention initially pushed the yen stronger to around 155, but the momentum began to wane shortly thereafter.