Euro Tumbles Against Yen Amid US-Japan Intervention Fears

The Euro has plummeted to nearly 184.66 against the Japanese Yen as the latter outperforms in the European trading session on Wednesday.

This comes amid fresh expectations of a US-Japan joint intervention, with Japan Finance Minister Satsuki Katayama confirming she met with US Treasury Secretary Scott Bessent and agreed that 'orderly yen movements are critical for global market stability.'

Financial markets are confident the Bank of Japan (BoJ) will raise interest rates in its policy meeting this month, with analysts at MUFG assigning a 92% chance of a September rate hike.

The European Central Bank (ECB) is also expected to raise interest rates in response to hot Eurozone inflation data for August, which saw prices surge above 3%.