Stephen Jen, CEO of Eurizon SLJ Capital, believes that the joint move between the US and Japan to support the yen is “a watershed moment” and will prevent it from falling back to a 40-year low against the US dollar. “The USD/JPY has probably peaked because neither the US nor Japan will give up or make concessions to the market,” he and Joana Freire, the company's economist and portfolio manager, wrote in the report on Tuesday. “Resistance is futile.”

Stephen Jen, CEO of Eurizon SLJ Capital, believes that the joint move between the US and Japan to support the yen is “a watershed moment” and will prevent it from falling back to a 40-year low against the US dollar. “The USD/JPY has probably peaked because neither the US nor Japan will give up or make concessions to the market,” he and Joana Freire, the company's economist and portfolio manager, wrote in the report on Tuesday. “Resistance is futile.”