Japan and US Unite Against Yen's Descent to 40-Year Lows

Japan and the US have joined forces to stabilize the yen, which has been plummeting to 40-year lows. Finance Minister Satsuki Katayama is set to announce on Monday that Tokyo and Washington collaborated in a rare joint intervention in the currency market last week.

The operation aims to support the battered yen, which has been causing concerns about import prices and inflation. Market sources say the two countries made rounds of yen purchases, with Japan possibly selling as much as $58.97 billion to buy yen when it intervened in New York markets on Thursday.

This is the first joint intervention in 15 years, and it follows what market sources say were suspected forays into the market by both countries over the weekend. The Bank of Japan's data indicates that Japan may have sold as much as $58.97 billion to buy yen when it intervened in New York markets on Thursday.