Dollar Weakens Sharply Against Yen After Market Intervention

The US dollar weakened significantly against the Japanese yen on Monday after market interventions by both countries.

According to reports, the dollar had been trading above 163 yen, reaching a 40-year high, but fell below 160 yen after regulators were suspected of stepping in.

After the official announcement of the intervention, the dollar dropped about 1% to 156.34 yen, marking a significant change in the exchange rate.

The Japanese Finance Minister, Satsuki Katayama, confirmed the intervention, stating that the finance ministry had purchased yen in coordination with the US Treasury Department, aimed at countering excessive volatility and disorderly movements in the Japanese yen.