Tokyo and Washington Unite in Joint Yen Intervention

Japanese Finance Minister Satsuki Katayama is set to announce that Tokyo and Washington have taken joint action in the currency market to stem the yen's decline. The move, the first such intervention since 2011, aims to boost the Japanese currency from its lowest levels against the dollar since 1986.

The joint operation involves buying yen and selling dollars, with one source confirming that the intervention is still ongoing. Market sources report that the two countries have engaged in rounds of yen-buying in the market, seeking to arrest the yen's slide.

The decision follows a Bank of Japan policy meeting on Friday, where officials kept monetary policy steady while signaling a strong chance of an early interest rate hike. Treasury Secretary Scott Bessent had previously expressed concerns about the yen's value, stating that it 'seems very undervalued to me.'