Dollar Weakens Against Yen After Market Intervention

The US dollar has weakened significantly against the Japanese yen following market interventions by both countries.

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

On Monday, the dollar dropped about 1% to 156.34 yen following the official announcement of the intervention.

The prolonged weakness of the yen against the dollar has been a source of frustration for Tokyo, as it increases inflation by pushing up prices due to Japan's high import costs.