Japan and US Unite to Halt Yen's Historic Decline

The Japanese and US governments have taken joint action to stabilize the yen's decline. According to sources, Tokyo and Washington conducted rounds of yen-buying in the market on Thursday, with the operation continuing into Monday.

This marks the first joint intervention since 2011, when a G7-coordinated effort was made following the Tōhoku earthquake and tsunami.

The move follows prior unilateral yen-buying by Japan in April-May, and dovetails with the Bank of Japan's decision to keep monetary policy steady while signaling potential rate hikes.