Tokyo Bolsters Yen Amid Record Low

Japan's authorities took decisive action to bolster the yen on Thursday after it plummeted to nearly four-decade lows, according to reports. The country's top currency diplomat, Atsushi Mimura, hinted at support from the US beyond verbal backing.

The yen strengthened by over 5 yen in three days, rising from 163.86 against the dollar on Tuesday to around 158.70 on Friday.

Japanese Finance Minister Satsuki Katayama declined to confirm intervention but maintained that the government was keeping a close eye on developments.

The move comes after US Treasury Secretary Scott Bessent described the yen as 'very undervalued' and expressed concern over excessive currency volatility.