Japan and US Unite Against Weak Yen in Rare Joint Intervention

Japanese Finance Minister Satsuki Katayama will announce on Monday (Aug 3) that Tokyo and Washington took joint action in the currency market to arrest the yen's slide to 40-year lows, according to two Japanese government officials.

The officials told Reuters that Katayama will stress the two countries' determination to combat what they consider excessive yen declines.

The operation is still ongoing, one source said. The Ministry of Finance and US Treasury Department declined to comment on Sunday.

This marks the first joint yen intervention since 2011. Market sources say that rounds of yen-buying in the market by Japanese and US authorities have been taking place, seeking to boost the Japanese currency from its lowest levels against the dollar since 1986.