Japan and US Unite to Support Yen from 40-Year Lows

The Japanese government is set to announce that it has taken joint action with the US to support the yen, which has been sliding to 40-year lows. This marks the first such move since 2011.

Japanese Finance Minister Satsuki Katayama will make the announcement on Monday, emphasizing the two countries' determination to combat excessive yen declines.

The operation is still ongoing, with one source confirming that rounds of yen-buying have taken place in the market.

This joint intervention follows a recent decision by the Bank of Japan (BOJ) to keep monetary policy steady while signaling a strong chance it would raise interest rates soon.