Japan Intervenes in Currency Market to Stem Yen's Fall

Japanese authorities have intervened in the foreign exchange market to buy yen and sell U.S. dollars, according to a government source.

The intervention came as the Japanese currency has continued its slide, trading at its weakest level in over 39 years.

Treasury Secretary Scott Bessent said that the yen 'seems very undervalued,' suggesting support from the U.S. government for Japan's move.

Finance Minister Satsuki Katayama declined to comment on the intervention, but stated that authorities are 'always acting with vigilance.'