Japan and US Unite to Stem Yen's Slide Against Dollar

Japanese Finance Minister Satsuki Katayama is set to announce on Monday that Tokyo and Washington took joint action in the currency market to arrest the yen's slide to 40-year lows, according to two Japanese government officials.

The move marks the first joint intervention since 2011, with market sources indicating rounds of yen-buying by both countries. The operation is still ongoing, a source said.

The Japanese government bought yen for dollars in New York trading hours on Thursday, with Bank of Japan data showing it sold as much as $58.97 billion to support the yen.

Tokyo's initial intervention came before the BOJ decided to keep monetary policy steady while signaling a strong chance of raising interest rates soon, widening the rate differential with the U.S.