Japan and US Stage Joint Yen Intervention Amid Fresh Lows
Japan and the US conducted a joint yen-buying intervention to stabilize the currency, which has been dropping to fresh 40-year lows. The move is aimed at preventing global spillovers, such as adding upward pressure on already rising US Treasury yields.
The intervention comes after President Donald Trump said the US was helping Japan prop up the yen as a sign of friendship and to help the world economy. 'They have a weakening yen, and they wanted a little bit of help. And we're always there for Japan,' Trump said.
Japan's finance ministry confirmed the intervention, stating that it countered excessive volatility and disorderly movements in the Japanese yen. The ministry added that it remains attentive and in close communication with the US Treasury, and will not hesitate to conduct further joint intervention if necessary.