Dollar Weakens Against Yen After Joint Intervention

The US dollar weakened sharply against the Japanese yen after a joint intervention by both countries. The dollar fell from above 163 yen to below 160 yen, reaching a low of 155.20 yen on Monday.

The intervention was confirmed by US President Donald Trump and Japan's finance minister Satsuki Katayama, who stated that the finance ministry had purchased yen in coordination with the U.S. Treasury Department.

This move is seen as a rare acknowledgment of market intervention, according to Neil Newman, managing director and head of strategy at Astris Advisory Japan.