Dollar Crashes Against Yen After Trump Administration Intervention

The US dollar plummeted against the yen after a joint intervention by Japan and the Trump administration. The Treasury Department's decision to sell off euros for yen on Friday led to a significant drop in the dollar's value.

As of Monday morning, the dollar sat at 156.80 yen, a decline from its 40-year high of 164 yen reached in July. The joint intervention was aimed at countering 'excessive volatility' observed in recent months.

Treasury Secretary Scott Bessent confirmed the move, stating that the US would not hesitate to participate in further joint intervention if needed. The Foreign and International Monetary Authorities (FIMA) Repo Facility was also mentioned as a crucial backstop for countries facing currency fluctuations.