Dollar Falls Sharply Against Yen After Joint Intervention

The US dollar experienced a significant decline against the Japanese yen on Monday after both the US and Japan confirmed their joint intervention in foreign exchange markets.

Before last week, the dollar was trading above 163 yen, reaching a 40-year high. However, following speculation of market intervention, it fell below 160 yen, and by early Monday, it had dropped to nearly 155.20 yen.

The joint intervention was aimed at stemming the yen's decline, which has been a source of frustration for Tokyo due to its impact on prices. Japan imports a significant portion of what it consumes, and a weak currency leads to higher costs.

Trump confirmed that the US had helped support the yen, stating that 'We have a good relationship with Japan' and that they wanted assistance in maintaining their currency's value.