Tokyo and Washington Unite Against Yen's Historic Slide

Japanese Finance Minister Satsuki Katayama is set to announce that Tokyo and Washington took joint action in the currency market to curb the yen's slide to 40-year lows.

The move follows rounds of yen-buying by Japanese and U.S. authorities, marking the first joint intervention since 2011. Market sources suggest the two countries intervened together for the first time in over a decade, seeking to boost the Japanese currency from its lowest levels against the dollar since 1986.

According to sources familiar with the matter, Katayama will stress Tokyo and Washington's determination to combat what they consider excessive yen declines. The operation is still ongoing, one source said.