The yen has lost nearly half of gains from the first joint US-Japan currency intervention since 1998, despite $36.58 billion in spending.

The impact of last week’s historic intervention to prop up the yen is already fading. That signals risks for Japan, the US and the rest of the world.

The yen has lost nearly half of gains from the first joint US-Japan currency intervention since 1998, despite $36.58 billion in spending.