Japan, US Intervene in Currency Market for First Time in 15 Years

The Japanese and US governments have intervened in the currency market for the first time in 15 years, buying yen to stabilize its value. Finance Minister Satsuki Katayama confirmed a coordinated intervention with the US Treasury on Friday.

The move was made after the yen hit a 39-year low of 163.99 against the dollar on July 23. The Japanese government has stated that they will not hesitate to conduct further joint interventions if necessary.

US Treasury Secretary Scott Bessent had previously described the yen as 'very undervalued'. A photo taken during a meeting of Trump's Cabinet showed a to-do list indicating US purchases of $5 billion to $10 billion worth of Japanese yen.