ProShares Trust UltraShort MSCI Japan

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TOKYO—Japan didn't step into foreign-exchange markets in the past month, as repeated verbal warnings and historic intervention during the summer helped the yen regain some strength.

Global investors looking beyond saturated US stocks should pivot toward Japan and Europe – says Andrew Slimmon – a senior portfolio manager at Morgan Stanley. Speaking recently with CNBC, Slimmon highlighted a major shift underway across international equity markets.

The yen extends its drop against the dollar after BOJ Governor Ueda gave mixed signals about future interest-rate hikes. The central bank lifted interest rates by a quarter point to 1.25%.

The yen is back in focus after mixed signals from a widely expected interest-rate hike from the Bank of Japan.

The bank of Japan delivers a quarter point hike, taking rates to the highest level since 1995. But two dissenting votes raise doubts around further normalization, driving the Yen and JGB yields lower.

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The BOJ raised its policy rate by 25 basis points to 1.25%, its highest since 1995, just three months after its previous hike. Despite the faster pace, the yen weakened, the 10-year Japanese government bond yield slipped and the Nikkei 225 gained.

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Goldman Sachs' Timothy Moe remains structurally bullish on Japanese equities, but sees a more challenging near-term outlook as the Bank of Japan normalizes policy.

Just over a month after joint currency interventions failed to pull the yen significantly off multi-decade lows, shifting policy expectations have triggered a remarkable turnaround.