Dollar Tumbles Against Yen as US and Japan Intervene in Markets

The US dollar experienced a sharp decline against the Japanese yen after market interventions by both countries. The dollar was trading above 163 yen before the intervention, but fell below 160 yen afterward.

The move follows months of frustration in Tokyo as the prolonged weakness of the yen against the dollar pushed up import prices and increased inflation.

US President Donald Trump confirmed that the US had intervened in markets to help Japan, saying it was a 'signal of friendship' and beneficial for the world economy. Finance Minister Satsuki Katayama also acknowledged the intervention, stating that the ministry would not hesitate to act further if necessary.