Japan spent $74 billion propping up the yen. Investors say the real battle is with the Fed

Japan's central bank just spent seventy-four billion dollars trying to prop up the yen, which has fallen to a forty-year low. But according to CNBC analysts, the real battle isn't won by throwing money at the currency—it's with the Federal Reserve. Wide interest rate gaps between the U.S. and Japan keep attracting investors to the dollar. In other words, the Fed's higher rates are working against Japan's intervention efforts.

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