Japan may be able to restrain further yen depreciation without repeatedly stepping into the foreign-exchange market if the government shows commitment to fiscal discipline and the Bank of Japan (Japan's central bank) keeps raising rates at an appropriate pace, according to Sumitomo Mitsui DS Asset Management strategist Masahiro Ichikawa. He said direct intervention usually struggles to reverse a broader market trend, but argued the latest operation was effective because it stopped the yen from falling rapidly and disorderly against the U.S. dollar toward the 164 level.