Dollar Weakens Against Yen After Joint Market Intervention

The US dollar weakened sharply against the Japanese yen after market interventions by both countries.

Last week, the dollar was trading at a 40-year high of 163 yen, but after regulators were suspected of stepping in, it fell below 160 yen.

Early Monday, the dollar fell to nearly 155.20 yen after the official announcement of the intervention by US President Donald Trump and Japan's finance minister Satsuki Katayama.

The yen's prolonged weakness against the dollar has been a source of frustration for Tokyo, as it pushes prices higher due to high oil prices and imports.