Dollar Weakens Against Yen in Joint Market Intervention

The US dollar has weakened sharply against the Japanese yen after market interventions by both countries. The dollar, which was trading above 163 yen just last week, fell to around 156.34 yen on Monday, a drop of about 1%.

This move comes as a response to the prolonged weakness of the yen against the dollar, which has been causing inflation concerns in Japan due to its high import costs. Tokyo has been trying to raise the value of the yen for months without much success.

US President Donald Trump confirmed that both countries had intervened in the market, stating that 'We have a good relationship with Japan' and that they were 'very strong financially'. He also mentioned that the US got 'financial benefit' from the intervention.