US and Japan Intervene in Markets to Support Yen

The US dollar has weakened sharply against the Japanese yen after market interventions by both countries.

A joint statement from the US and Japan confirmed that they had intervened in markets, which led to a significant drop in the dollar's value. The dollar was trading at around 163 yen before the intervention, but it fell to nearly 155.20 yen on Monday morning.

The prolonged weakness of the yen against the dollar has been a source of frustration for Tokyo, as Japan imports a significant portion of its goods and a weak currency pushes prices higher. High oil prices have also added to the problem, putting pressure on the Japanese government to address the rising cost of living.