U.S. Treasury Intervenes in Yen Markets for First Time Since 2011

The U.S. Treasury has intervened in the foreign exchange market to support the Japanese yen for the first time in over a decade, marking a significant escalation in efforts by Washington and Tokyo to halt the currency's sharp depreciation.

This move follows increasingly aggressive efforts by Japanese authorities to support their currency, with central bank data showing Japan may have spent as much as $58.97 billion purchasing yen on Thursday.

The U.S. Treasury purchased Japanese yen through the Federal Reserve Bank of New York, representing the first coordinated U.S. intervention in support of the Japanese currency since 2011.