Japan and US Team Up to Support Yen Amid Record Lows

The Japanese government and the US Treasury Department have taken joint action to support the yen, which has been sliding to 40-year lows. According to two Japanese government officials who spoke to Reuters on condition of anonymity, Finance Minister Satsuki Katayama will announce this move on Monday.

The intervention is the first joint effort by Japan and the US since 2011. Market sources say that Tokyo and Washington have been buying yen for dollars in the market, with the Bank of Japan (BOJ) data showing that it sold as much as $58.97 billion to support the yen.

The move is aimed at combating what they consider excessive yen declines. Katayama is likely to stress the two countries' determination to combat this issue. The operation is still ongoing, according to one source.