Joint US-Japan Intervention Lifts Yen Amid Stronger Interest Rate Signals

The U.S. and Japan have made their first joint intervention in 15 years to defend the yen, sending a strong signal that they are determined to keep it from weakening further.

The move has been months in the making, with U.S. Treasury Secretary Scott Bessent meeting Japanese Finance Minister Satsuki Katayama in Tokyo in May and having a subsequent phone call.

The joint intervention is seen as a significant development, with some analysts calling it 'a historic turning point' in U.S.-Japan currency cooperation.

The yen has gained around 1.4% against the dollar since morning trading in Tokyo, but officials have warned that they will not hesitate to intervene again if needed.