Dollar Sinks Against Yen After Joint Intervention by US and Japan
The US dollar has seen a significant decline against the Japanese yen after a joint intervention by regulators in both countries. The move came as a surprise, as the dollar had been trading at a 40-year high of over 163 yen just days earlier.
According to Finance Minister Satsuki Katayama, the finance ministry and the US Treasury Department coordinated their efforts to purchase yen and stabilize the exchange rate. This intervention was confirmed by President Donald Trump, who stated that the move was a 'signal of friendship' between the two countries.
The joint statement issued by Japan's finance ministry noted that the move aimed to counter excessive volatility in the Japanese yen and prevent disorderly market movements. It also emphasized that further action may be taken if necessary.