Dollar Plummets Against Yen After Trump Admin Intervention

The US dollar has dropped to 156.80 yen after the Trump administration and Japan intervened in foreign exchange markets, selling off euros for yen.

This intervention, which was confirmed by Japanese Finance Minister Satsuki Katayama, aimed to counter 'excessive volatility' in the yen's value.

Treasury Secretary Scott Bessent stated that the Treasury Department would not hesitate to participate in further joint intervention if necessary.

The drop in the dollar follows a 40-year high of 164 yen reached in July, and has been attributed to the sale of euros for yen through Goldman Sachs and Morgan Stanley.