Dollar Slumps Against Yen as US and Japan Intervene in Markets

The US dollar's value against the Japanese yen has plummeted after officials from both countries confirmed they intervened in markets.

The decline came after regulators were suspected of stepping in to stabilize the exchange rate. The dollar, which was trading above 163 yen just last week, dropped below 160 yen following the announcement.

Japan's finance minister Satsuki Katayama and US President Donald Trump confirmed that their countries collaborated on the intervention, citing a desire to counter excessive volatility in the Japanese currency.

The move aims to stabilize the value of the yen against the dollar, which has been a source of frustration for Tokyo due to its impact on inflation caused by higher import prices.