Japan and US Unite to Halt Yen's Sliding Value

Japan and the US have taken joint action to support the yen's value against the dollar. Finance Minister Satsuki Katayama is expected to announce on Monday that Tokyo and Washington worked together in the currency market last week to halt the yen's slide to 40-year lows.

The operation, which marks a rare bilateral coordination effort between the two countries, aims to stabilize the yen and prevent further losses. President Donald Trump stated that the US is helping Japan to prop up the yen as a sign of friendship and to help the world economy.

Japan has been struggling to curb a relentless drop in the yen, which pushes up import prices and stokes broader inflation. The country may have sold as much as $58.97 billion to buy yen when it intervened in New York markets on Thursday, according to Bank of Japan data.