Japan and US Unite Against Yen Slide

Japanese Finance Minister Satsuki Katayama will announce on Monday that Tokyo and Washington took joint action to arrest the yen's slide to 40-year lows, according to two Japanese government officials familiar with the matter.

The sources said the operation is still ongoing, indicating that this may be the first joint intervention since 2011. The expected announcement follows rounds of yen-buying in the market by the Japanese and US authorities, which began on Thursday in New York trading hours.

The Bank of Japan data suggests it sold as much as $58.97 billion to support the yen, with a widening rate differential between the two countries being a key factor in the dollar's rise against the yen.