US and Japan Intervene in Yen Market Amid Economic Decline
US Treasury Secretary Scott Bessent revealed during a cabinet meeting that the US had participated in 'coordinated foreign exchange actions' with Japan to counter the 'disorderly yen movements'. The move came after the Japanese yen sank to a 40-year low against the dollar, trading at ¥163 to the dollar on Thursday. However, following the intervention, the yen has strengthened to ¥155 to the dollar.
The coordinated action aimed to stabilize the Japanese economy, which has been experiencing decline. The US Treasury Secretary's note to buy $5-10 billion in JPY was confirmed on X by Monday.