US and Japan Intervene Jointly to Support Yen

Japan and the US have taken joint action to stabilize the yen, which has been sliding towards 40-year lows. The move comes after President Donald Trump said that the US was helping Japan prop up the currency as a sign of friendship and to support the global economy.

According to the Japanese Ministry of Finance, the two countries conducted coordinated yen-buying intervention on Friday. This is a rare bilateral action, with the last joint intervention taking place in 2011 after the earthquake in eastern Japan.

The move aims to counter excessive volatility and disorderly movements in the Japanese yen, which has been a concern for the government as it pushes up import prices and stokes broader inflation.