Forex
Trump Confirms US Intervention to Support Weakening Yen
US President Donald Trump confirmed that his administration conducted a yen-buying intervention in the currency market at Japan's request. The move was aimed at stabilizing the yen, which had been weakening.
According to Trump, Japan wanted 'a little bit of help' with its currency, and the US obliged by conducting the coordinated operation with Japanese authorities on Friday, US Eastern time.
This marks the first joint intervention between the two countries since the powerful earthquake and tsunami in northeastern Japan in March 2011. The last concerted yen-buying operation was conducted in June 1998, during the Asian financial crisis.