Japan and US Team Up to Halt Yen's Record Plunge

Japan and the US have taken joint action to curb yen depreciation, according to Finance Minister Shunichi Suzuki, who will announce the details on Monday. This marks a significant move in the currency market, with Tokyo and Washington determined to combat excessive yen depreciation. Multiple rounds of yen-buying operations were conducted by Japanese and US authorities earlier this year, which boosted the yen from its lowest level against the dollar since 1986.

The actions are ongoing, with sources confirming that the joint intervention aims to stabilize the currency market. This is the first such joint intervention since 2011, marking a significant development in international cooperation on monetary policy.