Dollar Takes Hit Against Yen After Joint Intervention

The U.S. dollar has taken a hit against the yen after a joint intervention between Japan and the Trump administration, which aimed to stabilize the Japanese currency.

Following a decision by the Treasury Department to sell euros for yen on Friday, the dollar's value dropped from 164 yen in July to 156.80 yen as of Monday morning.

The intervention was conducted through Goldman Sachs and Morgan Stanley, with the Treasury Department stating that it would not hesitate to participate in further joint action to address 'excessive volatility' in the yen.