Japan and US Unite to Stem Yen Decline

Japan's Finance Minister Satsuki Katayama is set to announce on Monday that Tokyo and Washington have taken joint action in the currency market to stabilize the yen, which has fallen to 40-year lows.

The move follows what market sources say were rounds of yen-buying by Japanese and U.S. authorities, seeking to boost the Japanese currency from its lowest levels against the dollar since 1986.

Treasury Secretary Scott Bessent was seen taking notes during a cabinet meeting with the words 'To Do', followed by 'Buy Japanese Yen (JPY) $5-10 bil.'