Japan and US Unite in Yen Intervention for First Time Since 2011

Japan and the US have jointly confirmed that they intervened in currency markets last week to slow a sharp decline in the yen, which had fallen to its weakest level against the dollar in four decades. The coordinated action marks the first time the two countries have moved together on currency markets since 2011.

The intervention reflects shared concerns that a continued yen sell-off could ripple through the global economy and potentially push up borrowing costs in countries including the US itself. Japan's Ministry of Finance and US Treasury Secretary Scott Bessent both acknowledged the coordinated action.

Bank of Japan data showed that Tokyo may have spent close to $59 billion buying yen in New York markets on Thursday, a day before Washington joined the effort on Friday. The US has not disclosed the exact size of its contribution.