Japan and US Unite to Support Yen Amid Record-Breaking Intervention

The yen has been on a rollercoaster ride in recent months, surging to new highs and prompting Japanese authorities to take action. The latest intervention came on July 31, when Tokyo and Washington jointly intervened in the foreign exchange market for the first time since 2011.

Japan's finance ministry confirmed that it conducted coordinated yen-buying intervention with the United States, with the Bank of Japan data showing that Tokyo may have sold as much as $58.97 billion a day earlier to bolster its currency.

The joint intervention hauled the yen away from the 163 level to about 157 in the span of two days, but traders remain on high alert for further action from authorities.