George Saravelos, head of global foreign exchange research at Deutsche Bank, said in the research report that the United States' joint intervention to raise the yen last month was not only “ineffective”, but also “counterproductive”; if the Japanese authorities did not intervene at all, the yen could have strengthened even more drastically. In the research report, he wrote, “The US government publicly encouraged the Japanese authorities to use the Federal Reserve's FIMA tool, sending a signal that the US side is not happy to see the US Treasury sell the dollar directly. It is unrealistic to expect Japan to intervene by borrowing US dollar cash at FIMA's punitive interest rate, which also raises the threshold for Japan to further intervene.”

George Saravelos, head of global foreign exchange research at Deutsche Bank, said in the research report that the United States' joint intervention to raise the yen last month was not only “ineffective”, but also “counterproductive”; if the Japanese authorities did not intervene at all, the yen could have strengthened even more drastically. In the research report, he wrote, “The US government publicly encouraged the Japanese authorities to use the Federal Reserve's FIMA tool, sending a signal that the US side is not happy to see the US Treasury sell the dollar directly. It is unrealistic to expect Japan to intervene by borrowing US dollar cash at FIMA's punitive interest rate, which also raises the threshold for Japan to further intervene.”