Tokyo and Washington Unite to Halt Yen Decline
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 decline. According to sources, this intervention is the first such joint effort since 2011.
The operation aims to boost the Japanese currency from its lowest levels against the dollar since 1986. The move comes after what market sources describe as rounds of yen-buying in the market by Japanese and US authorities.
US Treasury Secretary Scott Bessent had noted last week that the yen 'seems very undervalued to me'. In a cabinet meeting on Friday, he was seen with notes reading 'To Do', followed by 'Buy Japanese Yen (JPY) $5 bil-$10 bil'.