Treasury Intervenes to Support Yen Amid Record Lows

The U.S. Treasury Department has taken steps to support the Japanese yen, purchasing it on Friday for the first time in over a decade. The move comes as the yen continues to struggle, nearing its lowest levels in 40 years.

According to the Financial Times, the Treasury bought yen through Goldman Sachs and Morgan Stanley, with the Federal Reserve Bank of New York selling euros for yen on behalf of the Treasury. The exact amount of yen purchased was not disclosed.

The intervention marks a significant development in currency markets, with implications for global trade and investment. It also highlights the ongoing challenges facing the Japanese economy.