By one measure, according to Point72’s Sophia Drossos, Japan’s intervention to prop up the yen has achieved a key objective: Preventing the market from piling into lopsided bets against the currency. The economist and strategist at the asset-management firm said the moves have made investors wary of wagering that the currency will keep weakening — given the risk of being caught offsides if officials swoop in to start buying the currency again. “Authorities have stepped in to counteract what has become a one-way market in the end — and they are using the element of surprise to their tactical advantage,” Drossos, who ... (full story)