U.S. Treasury Intervenes in Currency Markets for First Time in 15 Years

The U.S. Treasury Department has intervened in currency markets for the first time in 15 years, teaming up with Japan to defend the yen against a four-year low against other major world currencies.

Recent market expectations that the Federal Reserve will raise rates to combat inflation have pushed the yen down, prompting Japan's largest holder of U.S. government securities to take action.

The intervention has had a positive effect on U.S. stocks and currency markets, with the yen strengthening against other currencies in recent days.