According to CoinMeta, analysts pointed out that the joint intervention of the US and Japan in the foreign exchange market to support the yen led to a continued decline in the dollar. The root cause of the recent weakness in the dollar can be traced back to last week's Federal Reserve meeting, where it was decided to keep interest rates unchanged, sparking doubts about the new chairman, Jerome Powell's ability to combat inflation. Francesco Pesole, a foreign exchange strategist at ING Group, stated that the market previously held a large number of long positions in dollars, and short-term investors generally went long on the dollar. To avoid further pressure on the dollar, the US Treasury Department may use euros rather than dollars to fund its purchases of yen. Pesole believes that Japan's intervention in the foreign exchange market is only a temporary measure, and it will still be the Federal Reserve's policies that truly determine the trend of the dollar. Mohit Kumar, a strategist at JPMorgan, noted that if oil prices do not drop significantly, the Federal Reserve's failure to take action to address inflation will undermine Powell's credibility. He also mentioned that, apart from the intervention factors, fundamentals are still unfavorable for the yen and favorable for the dollar, and the pressure for the Federal Reserve to raise interest rates will continue to increase.