Japan, US Team Up on Yen Intervention

Japan and the US have confirmed joint yen-buying intervention to prevent further weakness in the Japanese currency. This move, which is the first since a coordinated action in 2011, aims to counter excessive volatility and disorderly movements in the yen.

The intervention was conducted on Friday with the US Treasury Department, and both countries will not hesitate to take further action if needed, according to Japan's finance ministry. The move has been seen as a sign of friendship between the two nations, with President Donald Trump stating that the US is helping Japan prop up the yen.

The joint intervention has had an immediate effect, with the yen surging over 1% to ¥155.20 per dollar after the announcement. This marks its strongest level since early May and is well off the 40-year low near ¥164 hit last month. Traders are on high alert for further intervention.