Tokyo and Washington Unite to Support Yen

Japan conducted a massive intervention in foreign exchange markets on Thursday, July 30, to prop up its currency, according to reports from the Nikkei newspaper. The yen-buying and dollar-selling intervention took place in New York markets, with Tokyo and Washington working together to prevent further declines in the value of the yen.

The intervention was preceded by so-called 'rate checks,' which are precursors for currency intervention, indicating that Tokyo and Washington were coordinating their efforts to stabilize the yen. This move aims to address concerns about the yen's depreciation and its potential impact on Japan's economy.