In this episode of the FX Moment podcast, Bloomberg Intelligence Chief FX Strategist Audrey Childe-Freeman and Chris Turner, head of FX strategy at ING Bank in London, discuss dollar-yen near- and mid-term dynamics. The combined shift in the dollar view following the July 29 Fed meeting, stretched long positioning and joint US-Japan FX intervention were the perfect catalysts for a sharp move lower in dollar-yen, yet the market is already questioning whether the move can be sustained. Childe-Freeman and Turner both see a risk of further joint FX intervention, which should keep dollar-yen bulls in check for now, while US economic data and the associated Fed outlook, along with the BOJ’s September policy decision and Japan’s fiscal credibility, may determine how bullish investors can be on the yen into 4Q. They also discuss non-dollar ways to express the carry trade, including via bullish Norwegian krone and Australian dollar views.