Dollar Sinks Against Yen After Trump Administration Intervention

The US dollar has dropped against the yen after a joint intervention between Japan and the Trump administration.

Markets show the dollar sitting at 156.80 yen as of Monday morning, down from a 40-year high of 164 yen reached in July.

The drop follows the Treasury Department's decision to sell off euros for yen on Friday, with the amount used not specified by the Financial Times.

Treasury Secretary Scott Bessent confirmed that the move was aimed at countering 'excessive volatility' and said the US would participate in further joint intervention if necessary.