US and Japan Coordinate Yen Intervention
The yen has held firm against the dollar as the US and Japan confirm coordinated intervention to stabilize the currency.
Last week, the Japanese finance ministry said it conducted a joint operation with the US Treasury on Friday to buy up yen, marking a rare move by the two allies to curb extreme fluctuations in the Japanese currency.
The intervention aimed to address 'excessive volatility and disorderly movements' of the yen, according to the ministry. The ministry also stated that Japan will utilize the Federal Reserve's foreign and international monetary authorities repo facility in the future.
US Treasury Secretary Scott Bessent confirmed the coordinated action, saying it countered 'disorderly yen movements.' He added that the US would not hesitate to participate in further joint intervention with Japan.