Japan's $74 Billion Yen Lifeline Fails as Currency Hits New Low

The yen's weakness has become a pressing concern for Japan's policymakers due to its impact on import prices and household living costs. Japanese authorities spent almost $74 billion in late April to support the currency after two months of steep declines, but the rebound was short-lived.

By July 23, the yen had slid further to its weakest against the dollar since 1986. The US has also taken notice of Japan's efforts to prop up the yen, which is a concern for American policymakers as well.